073: How To Plan for Healthcare Costs in Retirement with Dr. Katy Votava

At some point in almost every single client meeting, we get asked how much health insurance is going to cost, what Medicare costs, how to prepare for long-term care expenses, what to budget for, and what additional coverage they should get. 

The healthcare space is extremely complex, and that’s why Dr. Katy Votava is highly educated within it. A registered nurse with a Ph.D. in healthcare economics and nursing, she founded GOODCARE to help consumers, small businesses, and financial advisors make the best possible plan and live their lives as effectively as possible.

Today, Katy joins the podcast to tell the story of how her background as a medical caregiver helps her truly understand what people need to get great insurance, why the cost of healthcare continues to skyrocket (and what you can do to protect yourself from escalating fees), and why proper Medicare planning can be what saves you thousands, tens of thousands, or even hundreds of thousands of dollars each year.

Get Dr. Katy Votava’s Guide, Making the Most of Medicare, for FREE!

We have a special gift for Retire With Purpose listeners. Get a copy of Making the Most of Medicare: A Guide for Baby BoomersThis guide is normally $19.95, but for a limited time, here’s how you can get it for FREE! 

  1. Subscribe and leave us a review on Apple Podcasts. CLICK HERE.
  2. Once you’ve left a review, take a screenshot and email it to us at info@howardbailey.com.
  3. Your part is done! We will send you a copy of the guide :)

In this podcast interview, you’ll learn:

  • Why 90-95% of Medicare recipients overspend on services and medication – and how Katy reduced one patient’s annual expenses by almost $280,000.
  • The common conflicts of interest in the health insurance planning space – and why it’s important to work with fee-only health insurance experts like Katy when creating healthcare plans.
  • How pre-retirees between the ages of 60 and 64 can budget for healthcare costs and educate themselves as they prepare to enter the Medicare system.
  • The two biggest mistakes that people make when it comes to Medicare – and how to avoid IRMA.
  • What Medicare supplements are and actually do – and what you should know about choosing one based on your medical needs and lifestyle.
  • How to prepare for long-term care, why you may want to purchase long-term care insurance, and what to watch out for when buying it.

Inspiring Quotes

  • “The future of healthcare is bright in many ways because we have so many advances, but we also have opportunities to actually do it more cost-effectively.” – Dr. Katy Votava
  • “I think retirement is about financial freedom and having the purpose to wake up in the morning and having enough money so I can sleep at night.” – Dr. Katy Votava

Interview Resources

Making the Most of Medicare: A Guide for Baby Boomers


Read The Transcript