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Almost 80% of retirees in the US think that they will have enough finances to spend during their retirement. They don’t take into account the unexpected medical expenses that might come up in case of a diagnosis. This negligence may come up due to the central government policy to cover medical costs of elderly citizens. But there are some exceptions as the government does not fully cover the medical costs of the elderly and eventually places more burden on the retiree. Be prepared to plan your savings well before retirement.
While it might be better to establish healthy habits early on before your retirement such as daily exercise, clean eating etc. Start taking multivitamins and supplements recommended by a doctor to keep your body in full nutrition. You may get your 90 day supply of medications easily from a trusted pharmacy site.
But one should be well prepared for the worst times even before it comes. So having a financial plan for covering health expenses in the time of need not only gives you peace of mind but also helps your transition into retirement a smooth one.
Factors to Consider
1. Genetic Factors
It is important to keep a check on your health in case there is a risk involved in you developing any medical condition due to genetic factors. If there is a family history of cancer, chances are you might also have the hereditary gene mutation. The same goes for any other disease in your family history. So first make sure to look into your family medical history and if there is any risk of disease, get yourself checked first. Then plan your next step.
2. Lifestyle Factors
Your lifestyle choices may also increase your chances of developing chronic conditions. For example, if you have a habit of smoking or drinking, it will eventually have an impact on your health. You can control your health by making certain healthy lifestyle choices.
Which Medical Expenses to Expect
In case you have a pre-existing medical condition or have been diagnosed during retirement, consider the following factors while planning your medical expenses which you might have to spend from your own pocket.
- Office Visits: This includes the consultation fees you have to pay for clinic visits for checkups.
- Drugs: This includes buying anything prescribed by your doctors, such as pain medication or medical supplies.
- Lab Tests: All the blood work and other lab tests may be conducted during your appointment. These are billed separately from the co-pay. So keep that in mind.
- Imaging: CT scans, X-rays and MRIs all have to be paid for by you.
- Hospital Stays: In case of a hospital stay, the bill will include fees for procedures, nursing care and medications.
- Transportation: Remember to keep in account for public transportation, gas, airfare, ride-sharing or any other means to visit your doctor.
- Home Care: Specialists and nurses will charge fees that cover medicines and equipment for in-home treatment.