Dealing with Unexpected Medical Costs during Retirement
While you should be able to relax and enjoy your retirement years as much as possible, a possibility always exists that could result in you having to cover the cost of large and unexpected medical bills. If you’re unfortunate enough to land in this financial position, there are some steps you can take to try and reduce the effect that it will have on your retirement funds as much as possible.
Never Rely Entirely on Medicare
Several older individuals are under the impression that Medicare will be able to handle all of their health-related costs after they reach the age of 65. However, this doesn’t always work according to plan, which is why it’s important to think about purchasing a Medigap policy from a private insurer and/or a Part D prescription medicine plan.
Keep in mind that it will only be possible to purchase Medigap cover if you already have Medicare Part A (hospital services) and Medicare Part B (standard doctor services) sorted out. This alone will help you cover as many potential medical emergencies as possible that could occur after you’ve retired.
Find out if there are any Alternative Options
If you’ve had the same prescription for more than a few years, you may have just been having it refilled – often without thinking about the out of pocket costs it incurs. However, once you’re no longer working, you’ll need to do everything you can to keep your out of pocket medical expenses as affordable as possible. One of the easiest ways to do this is to inquire about the possibility of generic medications.
Using generic medications can help reduce your monthly prescription expenses by as much as 75%. Another way that you could reduce these costs is by changing to preferred healthcare providers or asking whether any prescription discount cards are available for your medicines.
Find out about Potential Assistance Programs
When it comes to being able to obtain your prescription medicines at affordable prices each month during retirement, you should never be too shy or afraid to inquire about the possibility of there being any assistance available that could help shoulder the cost.
Several organizations are available that can provide you with assistance if you’re struggling to cover the cost of your medications. For instance, if you require new prescription glasses, associations such as the Rotarians will often be able to assist you – along with providing an eye exam. The AARP will also be able to provide you with a host of information in this regard as well.
When it comes to keeping your medical expenses as low as possible during your golden years, the saying, “prevention is better than cure,” certainly applies. As such, you should do your part as much as possible by remaining active and consuming a healthy diet. This will help ensure that you’re able to make the most of these precious years without having to worry about trying to cover a multitude of health-related expenses.