Did you know that out of all the things people save for during retirement, that healthcare can potentially be the most expensive?
One study found that a 65 year old couple with average prescription drug expenses will need to save $207,000 for health care in retirement if they want a 75% chance of being able to pay all their future medical bills!*
Although your health isn’t something you can fully control during your retirement, there are some things you can do to stay healthier, plan ahead and possibly reduce the amount you will spend in the future!
First of all, Stay Informed! Keep yourself up- to-date on healthcare news, since we know medical expertise and advice are constantly changing. Especially if there are issues that have affected you or those related to you, and be sure to ask your doctor for help identifying areas that might be of particular concern.
Next, you want to do your best to maintain a healthy lifestyle. Eating healthy and exercising regularly can be key to staying healthy. Limiting fats and sugars and increasing whole grains, fruits and vegetables is a great way to start, as well as embarking on an exercise program that you feel comfortable continuing into the long term. Of course, always consult with your doctor before starting any new routine, to make sure it’s safe for you!
Relaxation can also be a great way to stay in good health. Maintaining friendships, focusing on hobbies and making time for relaxation each day can help ward off stress, which can be detrimental to your health. Some research even shows that staying socially active in retirement can reduce the risk of depression and might even aid in the prevention of Alzheimer’s disease!
Monitoring your blood pressure, cholesterol, body mass index and blood sugar levels are also important. Doing so can help you stay ahead of the game and make any changes if necessary, in the event that your health does begin to decline.
Finally, preventative care can be much less expensive than treating a disease or disorder. Make sure to always get your annual physical as this can help to screen you for potential health risks!
Overall, staying healthy is the best way to keep your healthcare costs low, but having a good healthcare plan in place for big and unexpected events is very important!
If you’d like a free consultation with a retirement specialist who can help you find the most fitting and affordable healthcare plan, contact us today!
*Employee Benefit Research Institute, 2013