Does this come as a shock to you? You certainly aren’t alone. While Medicare is good health insurance that most seniors are satisfied with, it doesn't cover all of your medical expenses. Therefore, if you were planning to live off Social Security benefits alone, these healthcare costs are going to impact you significantly.
To ensure you have enough money to live a healthy life in retirement, we’ve rounded out some of the ways you can cut your healthcare expenses.
If You Haven’t Retired Yet…
If you’re not yet ready to retire, you have some time to take action by building healthcare costs into your retirement plan. Sit down with your financial advisor in New Jersey and estimate how much you spend on healthcare.
While these numbers will give you a head start, do keep in mind that your medical expenses will most likely increase as you get older. However, you can at least plan for essential healthcare costs without them coming as a shock.
Now is also a good time to ask your financial advisor about your retirement savings. Are there ways you can bump up your savings to cover the added costs of healthcare?
If You Have Retired…
While it is a bit trickier to save money on healthcare once you’ve retired, it’s not impossible. First, look into what your Medicare plan covers. For example, Medicare Part A and Part B do not offer vision or dental coverage. If you have eye problems or need dental work, you may want to look into getting separate plans.
During open enrollment, do your research and compare Medicare plans. There are alternatives to traditional Medicare, such as Medicare Advantage plans, as well as Medigap plans that can fill in coverage gaps. It’s also worth seeing if you qualify for Medicaid, as this can help cover some of the things that Medicare doesn’t.
Also be upfront with your doctor, as they sometimes have more pull than patients are aware of. For example, it’s possible that your doctor can prescribe a generic or alternative medication for a fraction of the cost.
Now that you know that healthcare is a significant portion of your expenses in retirement, it’s important to be proactive. Comparing Medicare plans, talking to your doctor and putting away enough for retirement ensures you can give yourself the best medical care possible.