Healthcare Planning in Highland Park, Illinois
Healthcare is the wildcard in every retirement plan. We help you navigate Medicare, supplemental insurance, long-term care, and IRMAA surcharges so medical bills don't derail your retirement.
The average retired couple spends over $300,000 on healthcare in retirement — and that number keeps rising. Without a plan, medical costs can eat into the savings you worked decades to build.
As a family-owned firm based in Evanston, we understand the unique financial landscape of Highland Park — from the cost of living and property taxes to the retirement lifestyle our Highland Park neighbors are planning for.
Our approach to healthcare planning in Highland Park
We model healthcare costs specific to your situation — including Medicare Part B and D premiums, Medigap or Medicare Advantage options, prescription drug costs, dental and vision coverage, and potential long-term care expenses.
We're especially focused on IRMAA planning — the income-related surcharges that can add thousands to your annual Medicare premiums if your income exceeds certain thresholds. We coordinate your income plan to minimize these surcharges.
Common questions
How much does healthcare cost in retirement?
Fidelity estimates the average retired couple needs approximately $315,000 for healthcare expenses in retirement (not including long-term care). Your actual costs depend on your health, coverage choices, and where you live. We model these costs as part of your retirement income plan.
What are IRMAA surcharges and how do I avoid them?
IRMAA (Income-Related Monthly Adjustment Amount) surcharges increase your Medicare Part B and D premiums based on your modified adjusted gross income from two years prior. Strategic Roth conversions, qualified charitable distributions, and income timing can help you stay below the thresholds.
Should I choose Medicare Advantage or Medigap?
Medicare Advantage plans (Part C) often have lower premiums but limited provider networks. Medigap (supplemental) plans cost more monthly but cover almost all out-of-pocket costs with any Medicare-accepting provider. The right choice depends on your health needs, preferred doctors, and budget.
Other services in Highland Park
Ready to talk about healthcare planning in Highland Park?
Book a free consultation with our team.
Book a Free Consultation