How to reduce healthcare costs when you’re retired

How to reduce healthcare costs when you’re retired

January 6, 2017
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Healthcare costs can be a real burden, especially if you’re retired. Fortunately, there are quite a lot of things a retiree can do to lower these costs. Here are some of them:

1. A healthy body means healthy finances

Healthcare costs are zero if you’re healthy. So if you want to keep them that way, make sure that you stay as healthy as possible. In fact, try to improve your health. Eat healthy, exercise, get plenty of sleep. It will not only be good for you, it will also  be good for your finances.

2. A smart shopper is a wealthy shopper

Retirees spend a lot of money on drugs, co-payments and co-insurance. This is a fact. Now, if you want to lower these costs, there’s only one way to do it. And that’s shopping around and comparing costs. There’s actually no better way to save money on healthcare.

3. You don’t need to pay full price for prescription drugs

Drugs can also drain your bank account really fast. But you can cut these costs as well. Just ask your doctor for a generic version of whatever brand name drug he or she is prescribing. And don’t forget that Medicare Part D can also offer discounts if you shop at a specific pharmacy.

4. Medigap is your friend

If you didn’t know this yet, Medicare only covers 80% of your allowable expenses. For the rest, you need Medigap, a Medicare supplemental plan. It can help save you money. But, in order to get it, you first need to have Medicare Part A and B.

5. Be prepared

In life, things rarely go as planned. So always be prepared for the worst. This includes the expense of long-term care. These costs can easily bankrupt you, so you need to make sure that, if something unexpected happens, you are covered. Putting some money aside or taking out long-term care insurance can be the solution.

6. Start saving early

If you want to save money, that’s great. But if you really want it to count, then you have to start saving before you reach retirement. Every dollar you put aside can really come in handy later on.

7. Don’t ignore your friends

Studies have shown that social interaction is good for your health. Spend time with your friends and have fun. It will keep you healthier and maybe it will even help you save some money. That’s if you don’t spend it all going out with your friends.

The bottom line

You can’t ignore your health, so you can’t ignore healthcare costs. Although they can be a really heavy burden, you can take care of them without any stress if you’re smart and responsible.

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