medical costs

Keeping Medical Costs as Affordable as Possible during Retirement

Many individuals are horrified to discover that healthcare will one of the largest expenses that they will have to take into consideration during what are supposed to be their golden years. Information provided by Fidelity Investments has revealed that a couple that retired in 2017 can expect to spend approximately $275,000 on healthcare-related expenses during retirement. 

Below are some strategies that could help minimize healthcare costs throughout this period in your life:

Prevention is Better than Cure

One of the best ways to avoid as many potential future costs, seek out ways to start improving your health and reducing the risk of disease now. Use spare time to exercise, get a good amount of sleep and ensure that you eat good quality food. Taking advantage of preventative healthcare services such as vaccines and free screenings that are offered from time to time will go a long way in helping to detect issues as early as possible.

Reduce Dental Expenses

A number of seniors are disappointed after learning that Medicare won’t cover the cost of most forms of dental care and procedures – which will be costly if dentures, bridges, crowns or implants are needed at any time. 

A great way to help reduce this expense is to see if you live near a dental school. Although students would be performing the procedures at these institutions, they will be under the close watch of qualified dental surgeons and using these services could slash your dental costs by as much as 50% to 60%.

Find Ways to Reduce the Cost of prescription Medications

Even retirees who have a Medicare Part D prescription drug plan will find themselves having to cover part or even all of the cost of some of the more expensive prescription medications out of their pockets. Sometimes, these plans have deductibles that will need to be met before the cost of prescriptions will be covered as well. 

Wherever possible, find out from your healthcare provider whether any generic alternatives are available for any costly medications that you’re using. In many cases, generic medications can cost up to 70% less than the originals.

Manage Existing Chronic Conditions

If you already have any chronic conditions such as diabetes, arthritis or asthma, now is the time to seek out ways to be proactive with regards to managing them. This can be done by learning as much as possible about each condition and doing everything you can to help prevent them from worsening over time. Your doctor or even a local senior center will often be able to provide the resources you need to get started with this. 

Although taking as many preventative measures as possible before retirement won’t guarantee that your medical expenses will remain low during this time of your life, it will certainly help knowing that you’re being as proactive as possible with regards to staying fit and healthy – especially if you commit to remaining physically and mentally active.