As you approach retirement, the looming specter of rising health care costs can be a bit frightening. While some expenses will likely rise with inflation and others are just the result of aging, there are still plenty of ways to reduce or manage those rising costs. Below is a guide that should help you get started on managing your retirement health care costs once you’re out of the workforce:
Take Preventive Steps
As you get older, it’s important to keep an eye on your health and take preventative steps. Here are some things you can do:
- Exercise regularly. You should aim for at least 150 minutes of moderate-intensity physical activity each week—or a combination of shorter bursts of intense exercise and more extended periods of moderate-intensity workouts.
- Eat a healthy diet. Focus on fruits, vegetables, whole grains, and lean proteins—all while avoiding high-calorie foods like processed sugar or fat. Make sure to drink plenty of water (8-10 glasses per day) and tea or coffee without cream or sugar.
- Avoid stressors such as smoking and alcohol consumption if possible; both have been linked to higher mortality rates among older adults with chronic conditions like heart disease or diabetes.
Choose A Medicare Plan Based On Your Needs
Your choice of Medicare plan will depend on several factors:
- Your health needs and activities. You may need dental coverage or a drug plan to supplement your Medicare coverage.
- Your budget, including how much you can afford to spend each month on premiums and other costs associated with your insurance policy.
- Your prescription drug needs, if any. Depending on the type of medication (brand name vs. generic) and dosage required by a person, some can cost thousands of dollars per month without insurance coverage. If it is possible to obtain an inexpensive alternative through another source like local pharmacies or state assistance programs, this may be considered when selecting a Medicare plan as well.
Your vision and hearing needs could require additional coverage for glasses or hearing aids; these are not covered under traditional Medicare plans.
You should consider whether you’ll need long-term care services at some point in your life – such as nursing home care – before choosing between different types of Medigap policies.
Take Advantage Of Programs That Help With Costs.
Take advantage of the many programs available to help you with your medical costs. Medicare Part D and Medicare Advantage are two programs that can help you save money on prescription medications. On top of that, Medicaid may be an option for those who don’t qualify for Medicare or their employer’s insurance plan.
Medicare Supplement Insurance is another way to ensure your health care needs are met when it comes time to pay out-of-pocket costs instead of traditional insurance coverage. This supplemental insurance provides coverage beyond standard Medicare plans, like dental care and vision exams. Your need for this coverage will depend on which other health care plans you have available through employers or other sources.
Save On Dental Costs
Dental costs can be expensive, but that doesn’t mean you have to give up your teeth. If you have dental insurance and have met the coverage requirements, this is one of the best ways to keep your smile bright and white without breaking the bank.
If you do not have dental insurance or if it doesn’t cover all of your needs, it may still be possible to save money on dental procedures by visiting a dentist regularly and avoiding tobacco products like cigarettes or chewing tobacco.
Think Of Long-Term Needs
As you age, your health will change, which means that you’ll need to make changes in other areas of your life.
- Your home may need to be modified for wheelchair access or extra lighting.
- You may need to get a newer car or consider public transportation options.
- You might look for a job closer to home so that it is easier for family members to visit and help out with day-to-day tasks.
While these changes might seem small now, they can add up over time—and the more prepared you are when making them, the less stress there will be later on when managing these issues!