A 65-year-old couple in good health and retiring in 2019 could be on the hook for $387,644 in medical expenses, according to an analysis by HealthView Services. Here's what's behind those high costs.
Those who do have coverage get it through private Medicare Advantage plans, Medicaid and private plans, according to Kaiser.
About 20% of Medicare beneficiaries who received dental services spent more than $1,000 in 2016, Kaiser found. "Some dental services are inexpensive, like cleanings and annual checkups," said Neuman. "But some are expensive, like crowns and implants."While Medicare won't cover all your costs in retirement, there are steps you can take to mitigate expenses.If you aren't on Medicare and you're in a high-deductible health insurance plan, fund your health savings account.
These accounts carry three tax benefits: Your contributions are pretax or tax deductible, and your savings will grow free of taxes. Finally, distributions are tax-free if used for qualified medical expenses. You can no longer fund an HSA once you've enrolled in Medicare, but you may withdraw from it to cover those health-care costs.Get a thorough understanding of your coverage, be it a retiree health plan or a private Medicare Advantage plan. Know your deductibles, co-payments and co-insurance.
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