Health care is expensive, but it can get even pricier during retirement, when most people don’t have an employer-backed insurance plan to cover them. The average couple will spend $280,000 on medical care in retirement, according to the Business Insider website. Here are a few unexpected expenses you may face in your golden years:
- Supplemental insurance. Retirees often fill the gap between what Medicare will cover their medical costs by purchasing additional coverage, sometimes called Medigap. These expenses include excess doctor’s fees, foreign travel coverage, and payment for skilled nursing facilities or hospice care. The cost of such plans, which are offered by private insurance companies, depends on the plan, your age, where you live, and other factors.
- Prescriptions. Medicare Part D covers prescription drug costs at a monthly premium. How much you pay will depend on your income. The types of drugs covered can change every year, so you’ll have to be ready to shop around to find the best price.
- Vision and hearing exams and treatment. Medicare usually doesn’t cover such expenses as eyeglasses and hearing aids. With hearing and vision loss a common problem for older people, these costs can add up quickly, and they usually fall, at least in part, on the individual.
- Dental treatment. Again, most retirees will have to pay out of pocket for trips to the dentist, although Medicare may pay for some emergency dental treatments if you’re hospitalized