Managing Healthcare Expenses in Retirement


Filed under: Retirement


If you’ve watched the news at all in the past few years, you probably know that the cost of healthcare continues to outpace inflation. Whether or not you’ve noticed much difference in your medical spending now, it would be wise to anticipate higher expenditures once you reach retirement.

Once we hit our sixties, the incidence of serious illness increases dramatically. And, of course, we should all plan for the potential cost of long-term nursing care one day. These facts might seem obvious to you, but did you know…

  • Medicare currently covers about 51 percent of healthcare expenses for those eligible?
  • Life expectancy is increasing, and your odds of living well into your 80s, or even early 90s, are greater than ever?

That first fact might have surprised you. The idea that Medicare covers all medical expenses is a common misconception, but in reality you will be responsible for premiums, co-pays, some medications, nursing care, and other products or services not covered by the program. Currently the estimate is that retirees foot about half the bill.

Obviously, good health results in lower medical bills. That’s not always within your control, but there are a few things you can do to increase your odds of better health (and a healthier budget).

Prevention. Attending regular health screenings and check-ups are worth the trouble, since it is much easier to treat a health condition in its early stages than if you catch it later. And of course, practicing good habits like proper nutrition, adequate sleep, regular exercise, and avoiding smoking and alcohol can make an enormous difference.

Explore insurance options. Believe it or not, you won’t simply sign up for Medicare and then forget about health insurance. You can choose from a wide variety of plans, and some will be better suited to your needs than others. Pair those with supplemental plans, long-term care insurance, or life insurance plans with living benefits, and you can feel more comfortable knowing every need has been addressed.

Prepare for expenses. Sometimes, no amount of planning prevents every possible surprise with regard to your health. So, continue to meet with us regularly, and we will organize your retirement budget so that a major expenses can be accommodated.


If you would like more information or have specific questions, please contact us using the following form. We would be happy to assist you.

This information has been provided by a licensed insurance professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting the insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax, trust and estate, or investment advice. Infinite Wealth Advisors is not an investment advisory firm.  Investment Advisory Services provided by NAMCOA® – Naples Asset Management Company®, LLC, a federally registered investment advisor, website: www.NAMCOA.com .