If you had to guess, how much do you think you will spend on health care in your retirement years? Predicting what you will spend on health care during retirement is one of the most challenging pieces of the retirement puzzle. But it’s also one of the most important!
Estimating these costs doesn’t have to be a guessing game. We have some insider tips on how to calculate your Medicare costs and reach a closer estimate.
1. Create a list of your expected health care needs.
Prescriptions, doctor visits, travel plans, upcoming procedures, where you plan to have procedures done, potential changes to your health plan – all these little things can have a big impact on your health care costs.
2. Consider taking generic prescriptions instead of brand name.
Prescription medications are one of the top expenses for retirees. Ask your doctor if there are any generic versions of your drugs available in place of the brand name. If your doctor allows it, this could be a great way to save money.
3. Ask your pharmacist about discount programs for your prescriptions.
Ask your pharmacist about program options that may be available to you. You can also call RetireMEDiQ’s experts for information at 1-877-222-1942.
4. Consider switching pharmacies or signing up for mail order.
Being open to using an in-network pharmacy or to signing up for mail-order delivery could save you money on your prescriptions. While it may only be a few dollars a month, that can mean big savings over the course of the year.
5. Know how much each part of Medicare coverage costs.
Before you sign up for Medicare, spend time learning about the different costs associated with your Medicare coverage. Check out our cost breakdown for more details.
Managing Medicare costs doesn’t have to be a chore! We’ve got you covered.