Six Tips for Reducing Healthcare Expenses in Retirement
Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Fidelity estimates that a 65-year-old couple needs $220,000 for healthcare expenses in retirement, but the truth is that healthcare costs are tough to quantify because you never know what issues you may face.
Fortunately, there are things you can do before and during retirement to help reduce your healthcare expenses and make your golden years more enjoyable:
1. Get in shape. This may seem like a no-brainer, but employing a healthy diet and exercising regularly go a long way toward reducing your healthcare expenses during retirement. Get involved with group activities at your local YMCA or community center, and don’t be afraid to take up a new sport. You could also create a home workout plan and get more exercise from the comfort of your living room.
2. Keep stress low. Stay in touch with friends and family, maintain a good mental attitude, and join groups in which you’re interested. Consider taking up yoga or meditation, or find solace at a place of worship. Mend any personal relationships that need fixing to further reduce stress.
3. Use mail-order prescriptions when available. Picking up prescriptions from the drug store is convenient, but if you plan ahead you can save money by purchasing them through various mail order programs. (Check with your insurance provider for details.) Some companies even give you a reminder call when it’s time to reorder. Not only is this cheaper than going to your local store but it also saves time.
4. Question some medical tests. Don’t go against the advice of your doctor, but be aware that for liability purposes, some doctors may order tests or screenings that aren’t necessary. For example, if you have no family history of heart disease and are generally in good health, an annual EKG may not be needed. Also, according to the University of Texas, almost one-quarter of colonoscopies conducted on people 70 and older may be unnecessary.
5. Reconsider vitamin supplements. Some vitamin supplements may help you achieve optimum health, but others can be a waste of money. Supplements are often expensive, so do your own research and ask for your doctor’s opinion on which of them you might need.
6. Research Medicare supplement plans. Medicare covers a lot, but it doesn’t cover everything. Consider investing in a Medicare supplemental insurance plan, also known as Medigap. There are many options, and they are generally tailored to individual needs. Again, take the time and do the research to avoid getting a plan with coverage you don’t need.
The healthier you are, the longer your nest egg needs to last. During retirement, make it a point to manage your assets even better than you did when you were working. Talk to a financial planner about how to increase the longevity of your investments. If you’re still bringing in an income, devote a portion of it to savings to make sure you’re covered.
What other ways can you think of to reduce healthcare expenses in retirement?
David Bakke writes about money management topics including insurance, retirement, investing, and credit.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.