close
You are now leaving the peoples.com website and entering an external website.
Ok
Cancel
Important

You must have a People's United Bank personal checking account to access AlwaysChecking.

Don't yet have a checking account?

Explore checking

Skip to navigation Skip to main content Skip to login Skip to footer
People's United Bank, N.A, is now part of M&T Bank. Today, keep banking the way you always do. Learn more
menu
People's United logo with tagline, A division of M&T Bank
  • search
  • Log in Log in
arrow_drop_up
  • Personal
  • Business
  • Other
Invalid Character
Can't Login? Enroll in Online Banking
Invalid Company ID
Invalid User ID
Can't login? Enroll in eTreasury+
  • Online Investing
  • Commercial Credit Cards
  • Client Point
  • Consumer Loan Servicing
  • LockBox Exceptions
  • LockBox Research
  • Personal Credit Card
  • United Bank Credit Card
  • Retirement iPlan
  • Shareholder Services
  • One-Time Loan Payment
  • PCLC Online Payments
Search search
Site Menu
  • Personal
  • Business
  • Wealth
    • Personal
      • PRIORITIES
      • Personal Investing
      • Saving for Education
      • Retirement Planning
      • Trusts, Estates and Charitable Planning
      • Insurance, Income and Annuities
      • Private Banking
      • IRAs
      • CAPABILITIES
      • Investment Strategies
      • Philosophy
      • Process
      • People
      • Systematic Investing
      • Brokerage Services
      • About People's United Advisors
      • About People’s Securities Inc.
    • Institutional
      • PRIORITIES
      • Institutional Investing
      • Retirement Solutions
      • Global Custody and Escrow Services
      • Cash Management
      • Business Wealth Management
      • Private Banking
      • CAPABILITIES
      • Investment Strategies
      • Philosophy
      • Process
      • People
      • Systematic Investing
      • About People's United Advisors
    • Insights
      • OUTLOOK
      • Monthly Insights
      • Quarterly Magazine
      • In the News
      • LEARN MORE
      • Advice
      • Investing
      • Retirement
      • Trust and Estate
    • Working With Us
      • OUR ADVISORS
      • Find an Advisor
      • INVESTMENT TEAM
      • Meet Our Team
  • ATM & Branch
  • Customer Support
  • About Us
  • Careers
  • About Us
  • Careers
  • Personal
  • Business
  • Wealth
  • ATM & Branch
  • Customer Support
Peole's United logo with tagline,  A Division of  M&T Bank
  • Personal arrow_drop_up
    • PRIORITIES
    • Personal Investing
    • Saving for Education
    • Retirement Planning
    • Trusts, Estates and Charitable Planning
    • Insurance, Income and Annuities
    • Private Banking
    • IRAs
    • CAPABILITIES
    • Investment Strategies
    • Philosophy
    • Process
    • People
    • Systematic Investing
    • Brokerage Services
    • About People's United Advisors
    • About People’s Securities Inc.
  • Institutional arrow_drop_up
    • PRIORITIES
    • Institutional Investing
    • Retirement Solutions
    • Global Custody and Escrow Services
    • Cash Management
    • Business Wealth Management
    • Private Banking
    • CAPABILITIES
    • Investment Strategies
    • Philosophy
    • Process
    • People
    • Systematic Investing
    • About People's United Advisors
  • Insights arrow_drop_up
    • OUTLOOK
    • Monthly Insights
    • Quarterly Magazine
    • In the News
    • LEARN MORE
    • Advice
    • Investing
    • Retirement
    • Trust and Estate
  • Working With Us arrow_drop_up
    • OUR ADVISORS
    • Find an Advisor
    • INVESTMENT TEAM
    • Meet Our Team
  • search
  • Log in
arrow_drop_up
  • Personal
  • Business
  • Other
Invalid Character
Can't Login? Enroll in Online Banking
Invalid Company ID
Invalid User ID
Can't login? Enroll in eTreasury+
  • Online Investing
  • Commercial Credit Cards
  • Client Point
  • Consumer Loan Servicing
  • LockBox Exceptions
  • LockBox Research
  • Personal Credit Card
  • United Bank Credit Card
  • Retirement iPlan
  • Shareholder Services
  • One-Time Loan Payment
  • PCLC Online Payments
close

Health Insurance in Retirement: A Path Through the Labyrinth

Grandmother in plaid shirt, apron and gardening gloves holds flower pot still for young grandson as he plants yellow flowers


Insurance is one of those ‘it’s for other people, not us’ types of services. You appreciate the value, but you don’t think you need it, not today anyway. But, have you ever heard anyone complain about owning insurance—think about homeowner’s insurance or car insurance. And yes. Think about life insurance.

Let’s set the stage. You’re preparing for retirement down the road, and overall, you’ve planned well. But what if you’re faced with an unexpected health issue? Fidelity Investments estimates that the average 65-year-old couple with Medicare will spend a scary $280,000 out of pocket on health care in their retirement.


Medicare: Not a Panacea

Medicare has been a godsend for most seniors, but it’s not the be-all and end-all. For one thing, there are many services that Medicare and its various supplementary plans don’t cover—long-term care among them. Meanwhile, the latest estimate is that 69% of those turning 65 this year will at some point need long-term care. Consider this: the median annual cost of nursing home care is almost $86,000; in Connecticut, it’s $150,000.

What to do?


Long-Term Care Insurance: Protection at a Price

One answer to the long-term care problem is to self-insure: hold aside enough money to fund at least several years of care. But for many, purchasing long-term care insurance is a better route—either as a stand-alone policy, often through an employer, or as an add-on to certain life-insurance policies.

With long-term care insurance, you’ll have coverage up to a specified daily and lifetime maximum. The more you want, the more you’ll pay in premiums. Covered services usually include some or all of nursing-home care, assisted living, home care, and adult daycare. As for premiums, one industry source gives the latest-available average at $2,700 annually. Age matters (a lot): The younger you are when you buy the policy, the less you’ll pay.

Be aware: Your premium is likely to increase over time. Coverage is almost never limitless. And if you have a pre-existing condition, coverage may be denied or limited, and your premium will be higher. There are other solutions like hybrid long-term-care products and riders that may be less expensive and may remove the risk of increasing premiums.


There’s More: Critical-Illness Coverage

For additional protection, you may be able to buy a critical-illness policy, which will provide you with a lump-sum payment or a specified income stream for otherwise-uncovered costs related to major diseases like cancer, heart disease, stroke, and Alzheimer’s.

Be aware: The list of covered illnesses varies by policy, and as with long-term care insurance, premiums are likely to escalate as you get older. If your health is found wanting, you may be unable to buy a policy.


The Bottom Line

Health insurance in retirement is a complicated business, and what’s right for you depends on your needs, preferences, and financial profile. But we’d offer three pieces of general advice:

  • Planning is the key—the earlier, the better.
  • Know what any policy you’re considering covers, and what it doesn’t.
  • Don’t try to negotiate the maze alone; consult with an expert in health insurance.

Come see us at People’s United Bank. We’ll work with your health insurance professional in the context of your full financial picture. Or, we’ll introduce you to our insurance professionals at People’s Securities, Inc.

Related Links

Estate Planning in the New Tax Regime

Can You Beat Longevity Risk?

Where There's a Will

People’s United Advisors can help

Come see us about prudent investing.

Red and blue telephone. Call this phone number for help, to speak with an expert or for more information

800-772-8778

People's United Advisors official logo

People's United Bank, N.A. merged into M&T Bank. It is now People's United, a Division of M&T Bank. Although account documentation or other materials may continue to reflect the People's United Bank, N.A. name or logo, new wealth management accounts opened on or after that date will be opened with M&T Bank or it's People's United Advisors Inc. or Wilmington Trust, N.A. affiliates. For more information please go to www.wilmingtontrust.com, reach out to your relationship manager or refer to your account agreement(s).

Investment products are offered through People’s United Advisors, Inc., a registered investment advisor. People’s United Advisors, Inc. is a wholly-owned subsidiary of M&T Bank. Investment products may involve risk, including possible loss of principal.

Investment Products:

• Are Not Insured by FDIC or any Federal Government Agency
• Are Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate
• May Go Down in Value


Form CRS - ADV Part 2A - Privacy Policy - Legal Disclosure

PUA is not soliciting any action based on this material. It is for general informational purposes only. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors.

On April 2, 2022, People’s United Bank, N.A. merged into M&T Bank. It is now part of M&T Bank and its former branches and most services will operate as the People’s United division of M&T Bank until we complete the integration of our systems later in 2022. M&T Bank is a Member FDIC, Equal Housing Lender and Equal Opportunity Lender.

By using People's United Online Banking, you agree to the People's United Electronic Services Agreement.

ABOUT
  • About Us
  • Careers
  • Community
  • Press Room
  • Investor Relations
SITES
  • Personal
  • Business
  • Wealth
  • Site Feedback
SERVICE AND SUPPORT
  • Support Center
  • Security Center
  • Find a Branch
  • Mobile Banking
  • Online Banking
TERMS & CONDITIONS
  • Privacy
  • Online Terms
  • Servicemember Information
  • Accessibility Options
Peole's United logo with tagline,  A Division of  M&T Bank