Are you one diagnosis away from bankruptcy? Then imagine how you’ll feel in retirement. To save on health costs in retirement, you need to start planning now.
With rising health care costs a very scary reality, people who are soon entering retirement need to be thinking about how they can save on their health care expenses. While the average age of retirement is 63, people enter retirement at all ages and at all levels of financial stability. And without a normal income, it’s important for retirees to be smart about their health care expenses. So with that in mind, let’s take a look at a few ways you can save on health care costs in retirement.
Take Preventative Measures
One of the easiest ways to save on health care costs is to stay healthy so you don’t need to visit the doctor more often than necessary. So if you do have any health issues, you should address them before they escalate. And even if you aren’t sick right now, it’s still important to take precautions. By visiting the doctor and dentist regularly, you can ensure any problems that do arise are noticed sooner rather than later. You can even take advantage of opportunities like dental school cleanings — and with dentistry being considered one of the 10 most trusted professions, you can get a free cleaning and help students reach their goals. But overall, it’s important to truly take care of yourself. You should try to have a regular sleep schedule, eat healthy foods, and get regular exercise. While this may be a new adjustment for some people, treating your body better now will save you money in the long run. So be precautious and stay as healthy as possible.
When you’re thinking about your health care needs, it’s important to not only think about what you need now, but what you may need in the future. Thinking about your long-term health care needs is one of the best ways to reduce health care costs. While it isn’t always pleasant to think about the medical needs we may have in the future, it’s an important step to take. You should consider aspects of health care like hiring a home aid, medical equipment, prescriptions, and other medical care. Already, it’s estimated that 65% of people over the age of 60 experience dizziness or loss of balance on a daily basis. You never know what medical issues may come up, so it’s best to be as prepared as possible. This can also include taking steps like installing handrails in your home and ramps next to stairs. This can help prevent falls, which in turn can prevent expensive medical bills. It’s also important to consider establishing a health care proxy and getting your legal forms in place in case an accident does occur. All in all, considering your long-term health care needs can be a simple way to reduce health care costs.
Know Your Health Care Plan
And last but not least, it’s absolutely crucial to fully understand your health care plan. This is important for a few reasons. First, it’s important to ensure you’re not getting overcharged in any way. You should frequently check your bank statements to ensure you’re paying the same amount — this can also help you ensure your payment information is stolen, like the 15.4 million U.S. consumers who were victims of identity theft in 2016, according to Javelin Strategy and Research. Secondly, it’s important to know which medical expenses you’re covered for. This is beneficial when you have an unplanned doctor visit and need to know how much you’re going to have to pay out of pocket. And lastly, it’s important to know if you’re getting the right coverage or not. Remember that not all health care policies are the same, and you may need a different one than what you currently have. Knowing your health care plan can help you ensure you’re getting the right coverage at the right costs.
Entering retirement is an exciting time, but there is still work to be done. So make sure to keep these tips in mind and always revisit your health care plans to ensure you’re saving as much money on health care costs as possible.