Planning for Your Retirement: Healthcare Expenses

There are many different stages of retirement planning. While most people think about the financial aspects of planning, your health is also an important consideration, because healthcare costs in your senior years may significantly affect your finances, especially when Medicare alone doesn’t cover those expenses, such as:

  • Hearing aids/hearing devices. Medicare does not cover hearing aids, so you’ll need to do some planning in case hearing issues arise during retirement. Without insurance coverage, hearing devices can cost thousands of dollars.
  • Dental/denture care. Dental care is also not covered by Medicare, so be sure your retirement plan includes a strategy to afford it. Even if you have a good set of dentures and don’t anticipate dental care needs, they may need to be replaced as they age.
  • Vision services. Medicare has some eye care coverage, but it’s related to eye disease and damage, not your annual vision screenings and eyeglasses. Costs continue to rise for these routine services, so be sure to plan for your vision care needs.
  • Long-term medical care. The Medicare program does include some provisions for long-term care costs, but there can be important gaps that prevent you from getting the services you need. Preparing for long-term care costs is an important part of your retirement plan. 
  • Medications. As prescription drug costs increase, planning to afford medications is a must for everyone, including seniors. 

Fortunately, there are several supplemental and private insurance options to cover some of these expenses. For the hearing, dental, and vision costs, Medicare Advantage and other private programs can help pick up where Medicare leaves off, so do some research and find the best options for you. 

Long-term care can be especially expensive, and so are private insurance plans that cover these expenses. When planning for the possibility of long-term medical care, consider health savings plan options as well as insurance choices. 

If you know which drugs you’ll need into retirement, you can follow a few tips to get a handle on prescription drug costs:

  • Ask your doctor if generic drugs will work for you, as they can be much less expensive.
  • Research the Medicare plans available to you to see which ones cover the drugs you need.
  • Research government or pharmaceutical company assistance programs that help seniors pay for medications.
  • Find discount programs on the drugs you need to save on costs.

However, you may require new medications as you age, so look for insurance programs that offer the best overall coverage. 

Seek the advice of a professional financial counselor to be sure you’ve covered all the bases in your retirement planning program. And when it’s time to consider transitioning into senior assisted living, contact our helpful senior care professionals at Ashbridge Manor Senior Living. We can help make the transition easy. At Ashbridge Manor, our facilities and programs emphasize wellness, fun daily activities, and a welcoming sense of community. You can find us at 971 E. Lancaster Avenue in Downingtown, PA, call 610.269.8800, or contact us online for more information.