Did you know that medical costs are the number one expense for retirees? These costs can force seniors to make difficult financial decisions like going without prescriptions and cutting back on nutritious meals. But it doesn’t have to be that way! There are a few simple tricks that you can use to pay less for healthcare in retirement. This article will tell you what you need to do.
Maintain your health
If you stay active and eat well, you will spend less money on healthcare than if you do not. It is important to start working toward a healthy lifestyle even when you are young, as this continual effort can form lifelong habits that will serve you well in later years. If you aren’t sure where to begin improving your health, consult your doctor about the best first steps.
Understand Medicare coverage and costs
Medicare Part A covers hospital stays. This includes a $1,484 deductible and copays after you’ve spent more than 60 days in the hospital. Medicare Part B covers doctor appointments. However, there are monthly premiums, a deductible, and copays. Most people are eligible to receive Part A coverage for free, so make sure to check if you qualify. If you don’t start budgeting for these expenses now, they might catch you off guard in retirement.
Consider a Medicare supplement plan
Medicare supplement plans are additional insurance policies that you purchase to augment your existing Medicare coverage. There are several alternatives with varying features and pricing. Private insurers provide some, and state agencies offer others. You can also choose to opt for a Medicare Advantage plan (Part C) since it covers everything traditional Medicare does and more.
Use Medicare’s free services
One important thing to remember about Medicare is that it covers many services for free. Medicare provides free yearly wellness checkups to all members and free screening for conditions such as diabetes, cancer, depression, and others. These free programs could help you detect health problems while still treatable. So, make sure to take advantage of these benefits.
Consider buying long-term care insurance
Long-term care insurance provides financial aid for medical treatment in a nursing home or for hiring a home health attendant. It can help people who find chronic illness challenging to manage. However, long-term care insurance is typically expensive, and coverage age requirements vary between insurers. If you think that this type of coverage is something that you might need when you retire, contact your insurance agent to find out what the age requirements are for purchasing a policy and how much it would cost.