Planning for Health Care in Retirement. Kevin McGarry, CIMA, CRPC Director Nationwide Retirement Institute

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1 Planning for Health Care in Retirement Kevin McGarry, CIMA, CRPC Director Nationwide Retirement Institute 1

2 Nationwide Institute SM Mission Providing practical thought leadership on Retirement Income Planning, allowing advisors to differentiate themselves from their competition. 2

3 The Nationwide Institute SM Retirement Strategies Sponsored Research Educational Presentations Knowledgeable Professionals Intuitive Tools 3

4 Agenda The Retirement Income Challenge The Health Care Opportunity Understanding Health Care Creating a Plan to Address Health Care Costs 4

5 Important things to keep in mind Not a deposit Not FDIC or NCUSIF insured Not guaranteed by the institution Not insured by any federal government agency May lose value The following slides discuss annuities and living benefit riders. When evaluating the purchase of a variable annuity, your clients should be aware that variable annuities are long-term investment vehicles designed for retirement purposes and will fluctuate in value; annuities have limitations; and investing involves market risk, including possible loss of principal. A guaranteed minimum withdrawal benefit is an optional rider that is available on certain variable annuity contracts for an additional fee. Both the product prospectus and underlying fund prospectuses can be obtained by writing to Nationwide Life Insurance Company, P.O. Box , Columbus, OH Carefully consider the fund s investment objectives, risks, charges and expenses. All guarantees and protections, where available, are subject to the claims-paying ability of Nationwide Life Insurance Company. And, while they do not guarantee the actual performance of the variable accounts, they do offer a level of protection against investment loss. The data presented in this presentation are hypothetical and may not be used to project or predict actual performance. The income benefit base is calculated based on no withdrawals and does not include any fees assessed. Your clients experience may be different and investment results may be higher or lower, depending on the options chosen, fees and expenses. Does not include any up-market performance. These results are not reflective of any gains in the market and are assuming guaranteed interest amounts provided by the products used as examples in the case studies. Nationwide, Nationwide Financial, the Nationwide framemark, Nationwide Institute, INCOME Promise Select, The Nationwide Lifetime Income Rider, Nationwide Platinum V, Nationwide Income Architect, and Nationwide YourLife are service marks of Nationwide Mutual Insurance Company. America's marketflex is a service mark of Nationwide Life Insurance Company Nationwide Financial Services, Inc. All rights reserved. 5

6 The Retirement Income Challenge 6

7 The Retirement Income Challenge Percentage of Private-Sector Workers Employed By Establishments Offering Health Insurance to Retirees, Source: Employment-Based Retiree Health Benefits: Trends in Access and Coverage, EBRI. October No

8 The Retirement Income Challenge Consumer Estimate of Annual Health Care Costs in Retirement $10,000: $6,000 to $9,999: $3,000 to $5,999: $1,500 to $2,999: $0 to $1,499: Don t Know: 8% 13% 25% 12% 16% 26% 79% have underestimated, or don t know their medical costs Nationwide Survey Health Care Costs in Retirement. Consumer study of 625 respondents, January

9 The Health Care Opportunity 9

10 The Health Care Opportunity Managing the cost of health care is one of the most complex issues facing society Will likely be among your client s greatest expenses in retirement Fidelity Investments Estimates Couples Retiring in 2013 Will Need $220,000 to Pay Medical Expenses In Retirement. Fidelity Annual Survey of Retiree Health Care Costs Fronstin, Paul. "Savings Needed to Fund Health Insurance and Health Care Expenses in Retirement: Findings from a Simulation Model EBRI." Employee Benefit Research Institute EBRI. May

11 The Health Care Opportunity Health care is an important concern: 77% 2nd largest 5.8% Affluent Americans identify health care costs as their top financial concern for retirement 1 Expense in retirement second only to housing when it comes to the major expenses in retirement 2 Projected annual growth in health care spending through Merrill Lynch Affluent Insights Quarterly survey, Average Annual Expenditures and Characteristics, Consumer Expenditure Survey, 2012, Bureau of Labor Statistics. (Percentage of total expenditure for 75+ year olds). 3 National Health Expenditure Projections, : Slow Growth Until Coverage Expands and Economy Improves. Health Affairs. September

12 The Health Care Opportunity Consumers want help: 79% Nearly 2/3 Are unable to accurately estimate health care costs in retirement 4 Plan to seek out health care information with a year 5 45% Would like to discuss health care with a financial advisor 6 4 Nationwide Survey Health Care Costs in Retirement. Consumer study of 625 respondents, January Survey conducted via telephone to 376 respondents March 4 14, 2010, by Infogroup/ORC of Princeton, N.J. 6 Helping Clients Plan for Healthcare Costs in Retirement, FA Strategy Guide, Merrill Lynch Wealth Management, Bank of America Corporation,

13 The Health Care Opportunity Advisors self-rating 7 Percent very capable discussing client retirement needs in the areas of 65% 84% 19% Guaranteed Income Sources Retirement Income Overall Medicare and other Health Care Programs 7 GCD Research and Practical Perspectives Retirement Income Insights

14 Understanding Health Care 14

15 Understanding Health Care Health care expenses Medicare cost-sharing provisions 45% 32% Premiums for Medicare, Part B & D $255,000 $360,000: Out-of-pocket health care expense estimate for a 65-year-old couple 8 23% Out-of-pocket prescription drug expenses 8 Savings Needed for Medigap Premiums, Medicare Part B Premiums, Medicare Part D Premiums and Outof-Pocket Drug Expenses for Retirement at Age 65 in Assuming a 90% chance of having enough savings. Source: Amount of Savings Needed for Health Expenses for People Eligible for Medicare: More Rare Good News, by Paul Fronstin, Ph.D., Dallas Salisbury, and Jack VanDerhei, Ph.D., EBRI. October

16 Understanding Health Care Option 1 Option 2 Original Medicare Part A and Part B + Secondary Insurance GHI, MedSup + Rx Coverage Part D or GHI OR Medicare Advantage (Part C) 1. Hospitalization, 2. Medical 3. Rx (MA-PD) 16

17 Understanding Health Care Option 1 Medicare Part A: Hospital Insurance 11 Inpatient Hospitalization Patient costs for an in-hospital stay Days 1-60 $1,216 deductible Skilled Nursing Facilities Home Health Care Hospice Days Days Days 150+ $304 per day copay $608 per day copay All costs 11 Medicare.gov. Medicare 2013 & 2014 costs at a glance. 17

18 Understanding Health Care Option 1 Medicare Part B: Medical Insurance 12 Doctors/Providers Preventive Benefits Durable Medical Equipment Outpatient Services Individual Pays Monthly premium (based on MAGI) $147 deductible 20% coinsurance on doctors services and outpatient care 12 Medicare.gov. Medicare 2013 & 2014 costs at a glance. 18

19 Understanding Health Care Option 1 Medicare Part B: Monthly Premiums 13 If Your Yearly Income in 2012 was: You Pay Filed Individual Tax Return Filed Joint Tax Return $85,000 or less $170,000 or less $ $85,000 - $107,000 $170,000 - $214,000 $ $107,000 - $160,000 $214,000 - $320,000 $ $160,000 - $214,000 $320,000 - $428,000 $ above $214,000 above $428,000 $ Medicare.gov. Medicare 2013 & 2014 costs at a glance. 19

20 Understanding Health Care Option 1 Medicare Part D: Prescription Drug Coverage (2014) ** Premiums vary by insurer You pay Medicare pays The doughnut hole is large and expensive 95% Medicare benefit (catastrophic coverage) 100% No Medicare coverage in doughnut hole 75% Medicare benefit (initial coverage) Beneficiary pays 5% (min. co pay) $2.55 generic or $6.35 brand $4,550 out-of-pocket reached $6,765 in total drug costs Beneficiary pays 100% or $3, % of the cost for brand name medications 72.0% of the cost of generic medications $2,850 in total drug costs Beneficiary pays $635 (25% or flat co-pay amounts based on formulary) $310 Deductible Beneficiary pays 100% or $310 Source: Medicare and You, Medicare.gov 20

21 Understanding Health Care Option 1 Medigap: Medicare supplemental insurance Pay only after Original Medicare (Parts A & B) Flexibility to see any doctor who accepts Medicare Open Enrollment - 6 months beginning with Part B effective date at age 65 or older Does not cover prescriptions 21

22 Understanding Health Care Cost of Medicare Premiums: Monthly Annual Medicare Part A Medicare Part B Medicare Part D Medigap Policy $0 $0 $ $1, $39.90 $ $ $ 2, Total Per Person Per Couple $ $ $3, $7, Medicare.gov. Medicare 2013 & 2014 costs at a glance. 15 Kaiser Family Foundation. "Medicare Part D: A First Look at Plan Offerings in 2014." October 10, Weighted average premium for Medicare Part D Stand-Alone Prescription Drug Plans". 16 Medicare.gov. Median cost for Medigap Policy C in Columbus, Ohio. Ranges from $117 to $

23 Creating a plan to address Health Care costs 23

24 Start with a Health Care Cost Assessment Determine individual health care costs The Nationwide Financial Personalized Health Care Cost Assessment Powered by calculations from one of the world s leading actuarial firms Provides a personalized estimate of possible annual health care expenses Includes estimates for Medicare, out-of-pocket and long-term care expenses 24

25 Health Care Cost Assessment 25

26 Health Care Cost Assessment 26

27 Health Care Cost Assessment 27

28 Health Care Cost Assessment 28

29 Health Care Cost Assessment Client Fact Finder 29

30 Case Study: Retirement Plan Savings for Health Care Client Paul and Suzanne, a 50-year-old couple They plan to retire at 67 They are contributing $17,500 a year each to their plan They are concerned about health care costs Goal Develop a plan to save enough to help cover their health care costs in retirement These projections are hypothetical in nature and are not meant to show actual projections of performance. There is no guarantee an investor will experience these returns. The assumptions used are approximations and are for illustrative purposes only; actual results will vary based on the product used. 30

31 Case Study: Retirement Plan Savings for Health Care Paul and Suzanne run a Health Care Cost Assessment... Average annual health care costs $ 21,381 Per Month Costs $ 1,782 These projections are hypothetical in nature and are not meant to show actual projections of performance. There is no guarantee an investor will experience these returns. The assumptions used are approximations and are for illustrative purposes only; actual results will vary based on the product used. 31

32 Case Study: Retirement Plan Savings for Health Care Calculate balance needed to fund the plan Annual $21,381 Income Need 5% Systematic Withdrawal Balance Required $427,620 32

33 Case Study: Retirement Plan Savings for Health Care Achieve goal of $427,620 to fund health care Each contribute $495 a month to get there in 17 years Period to Invest Monthly Investment Annual Investment Age 50 to 67 $990 $11,880 Total Per Person Age 50 to 67 $495 $5,940 These projections are hypothetical in nature and are not meant to show actual projections of performance. There is no guarantee an investor will experience these returns. The assumptions used are approximations and are for illustrative purposes only; actual results will vary based on the product used. Annual rate of return is projected to be 8%. 33

34 Case Study: Retirement Plan Savings for Health Care Begin catch-up contributions at age 50 Period to Invest Catch-Up Contribution Combined Catch- Up Contribution Age 50 to 67 Total Potential Savings $5,500 $11,000 $197,907 $395,814 $395,814 is 93% of the $427,620 needed to fund Health Care These projections are hypothetical in nature and are not meant to show actual projections of performance. There is no guarantee an investor will experience these returns. The assumptions used are approximations and are for illustrative purposes only; actual results will vary based on the product used. Annual rate of return is projected to be 8%. 34

35 Summary: The Retirement Income Challenge The Health Care Opportunity Understanding Health Care Creating a Plan to Address Health Care Costs 35

36 Institute of Retirement Income 1. Regional Vice Presidents 2. Income Planning Desk Phone: Fax:

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