Health care is one of the most significant costs retirees face. Failing to plan for rising medical expenses can lead to financial strain later in life. Here’s how you can prepare.

1. Estimate Your Future Health Care Costs

The average retired couple may need around $315,000 to cover health care costs during retirement, according to Fidelity. This figure includes premiums for Medicare, out-of-pocket expenses, and long-term care costs. Using a health care cost estimator tool can give you a clearer picture of what to expect.

2. Plan for Long-Term Care

Nearly 70% of retirees will need some form of long-term care, whether it’s at home, in an assisted living facility, or in a nursing home. Consider purchasing long-term care insurance to protect your assets and ensure you can afford the care you need.

3. Optimize Your Medicare Choices

Maximizing your Medicare benefits is essential for managing health care costs. Consider enrolling in Medicare Advantage or supplemental insurance to cover gaps in Medicare and reduce your out-of-pocket expenses.

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Resources:

• Fidelity’s Health Care Cost Estimate Tool: Plan for medical expenses: fidelity.com
• Medicare.gov: Explore Medicare coverage options: medicare.gov

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