Yahoo! Finance
by M.P. McQueen
Thursday, June 26, 2008
Health-care costs aren't at the top of the list when baby boomers consider where to live in retirement. But maybe that should change.
Charges for medical insurance and for health care differ tremendously in different locales, says Steve Zaleznick, president of Longevity Alliance, a Washington, D.C., company that provides quotes for retirement-related financial services.
For example, the average annual premium for one type of Medicare supplement policy last year ranged from $3,700 in New York to as little as $1,200 in Phoenix, according to an Alliance survey.
The disparity reflects labor and other cost-of-living differences, as well as state regulations. Some states don't allow insurers to set premiums based on age and health, which tends to make prices higher on average in those states but also makes it easier for many individuals to qualify, experts say.
Also, regulations governing Medicare-supplement eligibility can vary from state to state, which can affect prices. Meanwhile, a home-health aide costs a national average of $19 an hour, but can average as much as $30 an hour in Rochester, Minn., or as little as $15 in Birmingham, Ala., according to the 2007 Met Life Mature Market Institute Survey.
Copyrighted, Dow Jones & Company, Inc. All rights reserved.
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