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Retirement Medical Expenses

Found 30 Articles.
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Cut Your Prescription Medicine Out-of-Pocket Costs

September 25, 2019

Prescription drugs are the largest medical expense of most retirees, and their cost usually increases faster than inflation. Yet, many seniors know little about how to reduce their out-of-pocket medicine costs, and important changes are coming to Medicare in 2020. Original Medicare doesn’t cover most prescription drugs. You must take out a Part D Prescription […]

How to Slash Your Out-of-Pocket Retirement Medical Costs

September 24, 2019

Covering the gaps in original Medicare coverage is critical to maintaining your financial security in retirement, and there are some important changes coming in 2020.Many medical expenses aren’t covered by original Medicare, as I’ve discussed in the past, including the September 2019 issue. When you choose original Medicare instead of a Medicare Advantage plan, decide […]

Don’t Be Scared By Those Estimates of Retirement Medical Spending

September 17, 2019

The biggest financial worry of retirement happens to be among the most manageable and easiest to conquer. Surveys routinely show that Ameri-cans are most concerned about retirement medical expenses. Even high net worth individuals say they’re worried post-career medical care will deplete their assets. It’s no wonder. Every year we’re faced with fresh estimates of […]

Estate Planning

Warning: Your Children May Have To Pay for Your Long-Term Care

December 31, 2018

What’s the cost of not planning for your long-term care? Your estate or your children might be required to pay for it. Some little-used laws make this situation possible. Use of these laws increased the last few years, and they are likely to be used more in the future. Either the government or non-government providers of […]

You Need to Get Medicare Prescription Drug Coverage Right This Year

November 19, 2018

A key to successful retirement is having prescription drug coverage that’s right for you. The out-of-pocket difference between prescription drug plans can be tens of thousands of dollars, or more, over the course of one’s retirement. Medical expenses are a significant retirement cost that increases over time. Most post-middle-age Americans take more than one prescription […]

Act Now to Avoid Higher Medicare Premiums in Two Years

July 2, 2018

The Medicare premium surtax jumped higher for many retirees in 2018, making planning for this Stealth Tax more important now and in the future. The Medicare premium surtax, or surcharge, is officially known by the acronym IRMAA (Income-Related Monthly Adjustment Amount). It was created by the Medicare Modernization Act of 2003, and was first imposed […]

How to Save Money on High Prescription Drug Costs in Retirement

June 1, 2018

As you might expect, medical care will be one of your highest expenses during retirement. And prescription drugs will be among your highest medical expenses. Now consider this… A 65-year-old couple today that has median prescription drug expenses for the rest of their lives will need $165,000 of savings to have a 50% chance of covering their health expenses in […]

Rising Cost Of Retiree Health Care

May 25, 2018

Fidelity Investments is out with its latest annual estimate of retirement medical expenses. The latest study estimates the cost over the next 30 years for a married couple currently aged 65 at $280,000. That includes a wide range of out-of-pocket expenses, but doesn’t include long-term care and some other expenses. As this article points out, […]

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