Have you taken into consideration the likelihood of costly medical bills in your retirement planning? All too often, people planning for retirement consider all the things they want to do, but they don’t plan for emergencies. Illness and injury can turn your retirement years into a medical nightmare.

Even people who are healthy before retirement need to be prepared for medical bills that are not going to be included in Medicare. No one ever plans on getting sick, but we need to plan to pay for it, just in case.

Medicare and Retirement

Most people qualify for Medicare once they retire or reach 65 years of age. Medicare is the primary health insurance source for retirees; however, it does have some serious limitations.

While some portions of Medicare are free, other sections come with a monthly premium. The premium is based on your income. Other sections cover some prescriptions, but not all of it.

Medicare doesn’t cover long-term care or anything deemed outside of the standard coverage. Any other medical attention will be terribly expensive. For more information about Medicare, follow this link.

Getting Ahead of Costly Medical Bills

Relying on your standard Medicare is a big gamble and a gamble that most retirees are not going to be able to afford if they require serious medical attention.

Outside Insurance 

Many people opt to get extra health insurance that covers far more than standard Medicare. This can be a great way to offset costly medical bills. The premiums are going to cost far less than a bill from a hospital or if you encounter an emergency.

Most health insurance policies can be tailored to suit your own medical needs. They will also cover many medical procedures that are not going to be included by traditional Medicare.

High-Return Investments

If people are able, investing their money that will bring them extra money in retirement can be a welcome extra addition to their monthly retirement pay. A smart investment doesn’t need to be expensive and can have a great return for your retirement. Doing this can also help create a medical emergency nest egg.

Taking Care of You

One of the best ways to avoid costly medical bills is to try to avoid them in the first place by taking better care of yourself. Here are some suggestions for preventing injury and medical issues.

Rethink Your Diet and Exercise 

Prevention is always the best cure. There is never a bad time to start getting healthier. A healthy diet and even moderate exercise can help keep diabetes and heart disease at bay.

Many health problems can be avoided by engaging in a healthier lifestyle. If your work life is sedentary, studies show it is vital that you get exercise. Start eating cleaner even if it’s just a few meals a week. Add more fresh fruit and vegetables. Avoid processed foods.

Consider Joining a Retirement Community

You can also avoid injury by moving out of your larger home. Large homes require a lot of upkeep and maintenance. Moving to a retirement community has many benefits. It’s likely much less costly than running a full home. Most retirement communities have all expenses included.

Maintenance crews take care of all the heavy work, such as lawn care and snow and ice removal. They are also available to fix things that break in your own unit.

Most of these communities include recreational facilities and community events, making it easy to meet people your age with similar interests. You don’t have to worry about leaving your home unattended if you choose to travel, and there is around-the-clock security.

Additionally, many retirement communities offer community health insurance. The levels of health insurance can vary, depending on where you are, but the plans are often more affordable.

Some continuous care communities also offer care as you need it. That means you can take advantage of different or more hands-on health care as you need it without having an increase in the fees.

If you need assisted living or more specialized health care, your costs won’t skyrocket. With a continuous care retirement community, you likely won’t face some unpleasant and expensive costs. It’s possibly one of the best ways to future-proof your healthcare costs. 

Planning Ahead to Succeed 

Before you retire, speak to a financial planner. They can show you how to make smart investments, where you need some help, and make sure you are ready for retirement.

Of course, no one can predict the future, and health matters can take a turn for the worse rather quickly. It’s wise to be prepared and not take any risks when it comes to health care in your retirement.

It can be difficult for those living on a fixed income, so when health problems arise, you want to be ready and not face financial ruin. Retirement should be a joy, not a burden.