HSAs vs Long Term Care Insurance: David Giertz Compares



Updated 3/7/2018: Check out our new article on David Giertz, where he supplies some sound financial advice everybody needs to consider before they plan for retirement.

Retirement requires careful planning.  Financial advisors like David Giertz are in high demand because of this.  In this article, David breaks down the healthcare costs you may encounter.  But Mr. Giertz will also provide the tools to prepare for them.


Unless you inherited a large sum of money prior or have won the lottery, you should be saving.  Prospective retirees should be saving an average of 10 to 15% of salary every year.  But don’t forget this is your retirement, so ideally save for the future you want to reap.


David Giertz is a high-ranking executive for Nationwide,  one of the leading insurance providers in the United States. Mr. Giertz is currently the President of Nationwide Financial Distributors and of Nationwide Financial Distributors Agency. He’s also the Regional Vice President of Nationwide’s Southeastern United States division.


David Giertz was educated at Millikin University in Decatur, Illinois, with a bachelor’s degree in business.  From there he went on to earn a master’s of business administration at the University of Miami. David possesses more than 30 years of experience in financial services, giving him a firm basis of knowledge in planning for retirement.  For more information on David Giertz: https://www.crunchbase.com/person/david-giertz


Simply Put, Retirement Is Grossly Expensive


Fidelity Investments, a corporation that helps people manage their earnings and net wealth, has indicated that a married couple, both parts of which aged just 65 years of age, will need an estimated $275,000 to cover the rest of their lives’ worth of healthcare expenses.


David Giertz points out that as people get older, their healthcare needs grow, in both number of doctor visits per year, and the total dollar value of services provided by doctors’ offices, hospitals, home healthcare service providers such as homesitters, and medical supply companies, including any other organization involved in the field of caring for individuals and their families.


Even if you and your partner have consistently been healthy over the past 60-plus years – if

Nationwide President David Giertz
Nationwide President David Giertz

not longer than just 65 years – you should be fully prepared to cover the cost of such expenses. If you can’t get the health your body deserves in the latter years of your life, you’re more likely to experience a lower quality of life, not to mention face the potential of living a shorter life, as one who can’t reasonably afford to take care of themselves.


In preparing for costs associated with healthcare, you should educate yourself regarding health savings accounts and long-term health insurance, both of which every person nearing retirement – including those individuals, couples, and heads of household that are already in retirement – should have a firm grasp on the basics of.


Long-Term Health Insurance


Every United States citizen is fully aware of the fact that most health insurance policies are exorbitantly expensive. As a matter of fact, most households in the United States of America fork over in excess of ten thousand dollars annually – at least that’s what health insurance has cost in recent years – on an ongoing basis.


Long-term care insurance will cover anybody with ongoing chronic ailments, and disabilities as recognized by the US government. These policies also cover any other conditions or that require living assistance, given these ailments need permanent, long-term care. In short, if you’ll need living assistance of any kind until you pass away, you need long-term care insurance immediately.


Even those who are, in fact, in good shape should consider buying long-term care insurance.


These policies are cheaper when you’re younger. Those who have problems comfortably paying bills should also consider buying long-term care coverage as soon as possible. David Giertz reminds consumers considering retirement that failing to miss just one payment may result in a permanent lapse of coverage. As such, make sure to have enough money to pay towards these policies.


Health Savings Accounts


Employers offer health savings accounts (HSAs), as a healthcare payment option. HSAs match a certain dollar value of annual contributions, and can also be matched by external policies.


Currently, the maximum contribution American citizens are able to enter into HSAs is $3,400 for a single person, or $6,750 for families within the United States.


David Giertz also informs individuals that they can contribute an extra $1,000 to make up for past deficiencies. Both single people and families can make that contribution, formally referred to as the additional catch-up contribution.

But the biggest advantage of HSAs, is that you take sole ownership.  Meaning, the person who bought the policy retains ownership, even after changing jobs.  An employer must aid in first qualifying for an HSA, but after that the money is yours.

Read more about Mr. Giertz on his official website.


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