As we get older, you’re bound to discover new medical expenses that you didn’t need in the past. Many people don’t take their deteriorating health into account when planning for their retirement. Unfortunately, government healthcare doesn’t cover everything. As a result, an unexpected surgery or a few extra medications can derail the best of plans. Therefore, staying healthy and knowing your insurance and care options can save you a lot of money and give you peace of mind.
Filling gaps in your coverage
Learning what is and isn’t covered on your insurance plan is the first step you should take in order to determine your retirement healthcare needs. Once you have figured out your potential out-of-pocket medical expenses, you can now start planning to cover these costs through additional insurance or benefits. The goal is to reduce your potential out-of-pocket costs to as close to zero as possible.
What are the costs?
When planning for retirement, medical costs should take priority over a new RV or moving to Florida. Over the course of your retirement you should expect to pay for the following healthcare services:
- Healthcare premiums + copays
- Supplemental medical insurance for prescriptions, vision care or dental work
- Long-term care insurance for assisted living services
If you require new dentures, or get prescribed additional medication by your doctor, signing up for insurance benefits can help you pay for these costs not covered by your healthcare premiums. Services such as Cared and Covered offer various insurance benefits and supplemental medical insurance that can drastically reduce your out-of-pocket medical expenses.
Planning for long-term care
All seniors want to remain as independent as possible during their golden years. Nobody wants health issues to impede them from living their best retirement life. Unfortunately, this may require help in the form of assisted living products or services. You may need a home caretaker, an oxygen tank or a personal nurse. Services such as Seniorly can help you find compare prices to find the perfect assisted living facilities and senior caregivers.
Everyone’s healthcare retirement needs are different. From a new pair of eye glasses or hiring a professional for Alzheimer’s and dementia care, making sure you don’t spend your entire retirement savings on these types of expenses is key. Your healthcare budget is the first thing you need to consider as you plan for retirement.