Good Lifestyle

Health costs have been skyrocketing for years, and this trend shows no signs of softening. According to Merrill Lynch, the cost of health care is now increasing between one and a half to twice the inflation rate. This means that a 55 -year -old couple can expect to pay more than $ 930,000 on retirement health care. Obviously, careful planning of your years after work - and are looking for health -related savings in the previous decade - are more important than ever. But there are a lot of things you can do to avoid expensive medical care, find discounts, secure adequate coverage and lock savings. Here are 40 tips for saving money on your health costs after 55 years, according to experts.

"One of the best ways to save on health care costs is to avoid needing major procedures and prescriptions when possible," explains Personal Finance and Debt Expert Erika Kullberg . "Eating healthy, exercising regularly and following preventive care can help you avoid meeting very expensive health needs on the road."

According to the Center for Health Policy from the University of Georgetown, almost 41% of Americans aged 51 and over are obese. "Obesity conditions include heart disease, brain vascular accidents, type 2 diabetes and certain types of cancer", " said the CDC . It costs. Annual medical costs for adults with obesity are $ 1,861 higher on average than those of people with healthy weight.

"Preventive screenings such as mammograms, colonoscopies and prostate exams are essential to detect potential health problems early", explains Ricardo Pina, founder of The modest wallet . "Many insurance schemes cover these types of screening after a certain age, so be sure to take advantage of them. According to the Trust for America's Health, the costs associated with the treatment of avoidable chronic diseases should increase by $ 48 billion and $ 68 billion per year by 2030.

After 55 years, it is likely that you will take one or more prescription drugs and potentially feel the financial pinch. "Branded drugs can be expensive, so plan to switch to generic versions if available," said Pina. "Generic drugs contain the same active ingredients as brand drugs but are much cheaper."

"Often, you will spend less on a remote charter than you would do with an appointment in person," said Kullberg. "When you have a minor health problem on your hands, plan to go digital. For example, if you have a persistent cold, avoid going to an urgent place of care in person and try a virtual visit. Your meeting You can cost less or even be free, depending on the policies of your health care. "

"Do not just follow the first price you get for prescriptions," explains Jeff Rose, certified financial planner and founder of Good hundred financial . "Use of applications like Goodrx It's not just intelligent, it changes the game for your wallet. These tools compare prices between pharmacies, sometimes finding options that are much cheaper. This can be transformed into major savings, especially if you manage several drugs. ""

Some pharmaceutical companies offer assistance programs to pay the prescriptions. Your doctor may have co-payment cards that reduce or eliminate your cost from the pocket, or you may find them on the manufacturer of the drug manufacturer.

Trying to manage without health insurance can be an expensive bet. Not only insurance covers preventive care, but it offers financial protection against catastrophic diseases and injuries that become more likely after the age of 55. "The main health events such as heart attacks, brain vascular accidents and cancer treatments can easily cost tens of thousands of dollars or more," says Rikin Shah, authorized insurance agent and founder of Guture . "A study revealed that health insurance has reduced spending on average by more than 80% for the main medical events for adults over 55."

If you buy health insurance on the federal or state market, when you register for a 2024 plan, check if you are eligible for financial assistance. The law on inflation reduction has increased the number of eligible people. Even if you have won too much to be eligible for previous years, you could be eligible for monthly subsidies throughout 2024.

"As you get older, your health care needs can change, and your insurance coverage," said Pina. "The review of your insurance scheme each year can assure you that you have adequate coverage for any new or changing health. You can also see that the transition to a different plan can save money on your monthly bonuses. "

"For tests and visits to the doctor, always check if they are essential and covered by your insurance," advises Andrei Vasilescu, co-founder and CEO of Netpayfull . "It's like returning your equipment before a hike."

Some health insurance plans offer discounts for a healthy life. Look if you get all the credit you deserve.

Many health care providers and pharmacies offer discounts to the elderly - you only have to ask them. "You can also see that certain wellness services, such as subscriptions to the gymnasium or yoga lessons, offer reduced prices for the elderly," explains Pina. "These small savings can add up over time."

Completing your prescriptions in correspondence pharmacies can allow you to save significant on the locations of brick and mortar.

"Usually, once or twice a year, communities are hosting health fairs or clinics that offer health screening, vaccinations and free or low -cost consultations," said Kullberg. "See if you can get some of your basic health needs covered at one of these fairs."

Taking any drug prescribed in a coherent manner and as indicated can prevent medical conditions from transforming costly emergencies. "Research shows that the observance of appropriate drugs could prevent more than $ 100 billion in avoidable hospitalizations each year," said Shah.

According to Harvard medical school , more than 70% of men over 55 have technically high blood pressure, defined as a measure greater than 120/80. Over time, high hydrometic pressure can damage blood vessels, increasing your chances of heart attack, stroke, erectile dysfunction, kidney problems and dementia - to name only a few. Have your blood pressure checked every year and follow your doctor's advice to improve it if necessary.

The incidence of type 2 diabetes explodes in the United States. Experts predict that in 10 Americans will have diabetes by 2045. Uncontrolled diabetes can lead to an increased risk of heart disease, blindness, poor circulation and even amputation.

The elderly are more sensitive to the serious diseases of viruses and bacteria which only slightly afflict young people. Make sure you are up to date on all recommended vaccinations, including flu, COVVI-19, RSV, shingles and pneumococcal pneumonia.

Drinking excess alcohol increases your risk of heart disease and seven types of cancer, while consumption of marijuana in the elderly has been associated with an increased risk of injuries and falls. Avoiding recreational drugs and drinking only in moderation can prevent costly medical consequences.

Tobacco consumption is another major risk of serious medical problems, including MPOC, emphysema and lung cancer. Stop can improve your health at any age.

Investing in regular exercises and stress reduction practices can now save money on long -term health care.

Everyone is eligible for Medicare at 65. But you cannot register at any time afterwards. Your initial registration period lasts seven months, from three months before being 65 years old, and ending three months after the month, you are 65 years old. Check the directives of your condition and register at the right time to avoid penalties and ensure complete coverage.

Part A is hospital insurance. He covers stays in hospital for hospitalized patients, care in a qualified nursing establishment, palliative care and certain home health care;

Part B is medical insurance. It covers certain services of doctors, ambulatory care, medical supplies and preventive services;

The part of a prescription drug coverage;

Part C, or Medicare Advantage, is an all-in-one alternative to the original health insurance offered by private companies approved by Medicare, explains Sherman Standberry, a CPA approved and associate director at Director My CPA coach .

"Regarding health insurance, maximizing its advantages is crucial," explains Akshaya Srivatsa, CEO and co-founder of Suspected . Review what your plan covers carefully and determine if you could benefit from an additional Medicare plan (A.K.A. Medigap), which can cover additional expenses not covered by original health insurance.

When you register in Medicare, you are not automatically registered in Medicare Part D: Cover of prescription drugs. This is a separate step. Having it overlooks it can really cost you.

Remember that registration in Medicare is not a proposal for Set-And-Inouquilige-IT. "It is crucial to review your Medicare plan every year to make sure it always meets your needs, because the plans can change from year to year," said Standberry.

Health savings accounts (HSAS) and flexible expenditure accounts (FSA) allow you to book dollars before tax expenditure. This can reduce your taxable income, and you can invest this money and use it for qualified medical costs in tax franchise. "The use of a retired HSA is a great way to stretch your income a little and keep your low tax bills," explains Ann Martin, director of operations Creditdonkey . "One of the big things about an HSA compared to an FSA is that money does not express; it only reproduces" until the following year.

Some insurance plans offer seminal discounts for regular gymnasium attendance. All you have to do is keep track of your sweat sessions, put the documents to put down and get a check by post.

Whether you have private insurance or health insurance, you must compare your insurance plans at least every year, advises Stéphanie Pogue , founder and CEO of St Louis Insurance Group and Medicare insurance planner for more than two decades. "Make sure you have the best premium rate or have the advantages you have most likely to use or need," she said.

"If you choose a Medicare Advantage plan, understand the advantages that are offered and use them," explains Pogue. "You can have allowances to buy vitamins, pain relievers and a cough cough thanks to your plan. Plans offer funds for grocery store, public services and transport to doctors at no cost."

"If you have an Advantage Medicare plan, stay in the doctors' network," said Pogue. It will save you money. "Even if you have a PPO and you can use doctors outside the network, you will pay less using a supplier considered in a network."

If you have given a part D and find it difficult to pay your prescriptions, you can admit yourself Additional help , a federal subsidy for the beneficiaries of low -income Medicare.

"Although Medicare is an excellent set of general health insurance that will offer you copays and deductibles lower than most private plans, one thing it does not cover is really, it is long -term care like the Nursing houses or home attendants, "explains Martin. "This kind of treatment can be absolutely essential in your last years - and also completely basicly ruinated. Investing in this type of insurance from your retirement is a great way to make your health dollars go further when you really need it. ""

When you have a disabled insurance policy, "your income flow will not be suffocated if you injure yourself, fall sick or if you cannot go to work," explains the expert in finance Frank Barber Learn more about gold . "This can make the difference between preserving your HSA and your retirement account and lacking money."

According to defenders of medical billing in America, up to 80% of medical invoices contain errors. "The detailed invoice ballot can reveal errors or overloads, similar in search of divergences in a large book," explains Vasilescu.

Do not hesitate to negotiate invoices with your providers or insurance companies. "You may be able to get discounts or have redesign costs," says Vasilescu.

"If you have the budget to fly abroad for something like a replacement of the knee, you will often save a lot of money in relation to obtaining the same procedure in the United States, even taking into account the cost of the Flight and accommodation, "explains Martin. "Most developed countries have low -cost public health care options, so you can have your choice of great destinations to recover."

If you need medical equipment at home, you may save money by buying slightly used versions on eBay, Facebook Marketplace or dedicated sites such as Sharp Or Goodwill Home Medical .

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"If you find it difficult to allow your health costs, explore the financial assistance programs offered by your condition, your health care providers or your non -profit organizations," explains Vasilescu. Add a pogle: "If you are with large medical invoices, check with hospitals to see if they offer help."