How much do retirees spend on healthcare in the USA - ForumDaily
The article has been automatically translated into English by Google Translate from Russian and has not been edited.
Переклад цього матеріалу українською мовою з російської було автоматично здійснено сервісом Google Translate, без подальшого редагування тексту.
Bu məqalə Google Translate servisi vasitəsi ilə avtomatik olaraq rus dilindən azərbaycan dilinə tərcümə olunmuşdur. Bundan sonra mətn redaktə edilməmişdir.

How much do retirees spend on healthcare in the US?

Even if you maintain excellent health, you'll still have health care costs in retirement, reports Fool.

Physiotherapist working with patients in clinic

Photo: iStock.com/Witoon Pongsit

Recent studies have shown that the average US resident's expenses from retirement to death range from $1,5 million to $1,8 million. A significant portion of these funds goes to healthcare. How to calculate what pension you will receive in America, read our article.

About 13% of a typical retiree household's income in 2022 went toward medical expenses, according to the Bureau of Labor Statistics. For some, this figure may be much higher. But the right strategy can help you reduce your personal expenses and prepare for those you can't avoid. Read about three mistakes that could cause your US pension to be less than expected. material.

On the subject: Retirement in the USA: a guide on how to ensure a dignified old age in America

How much does a pensioner spend on healthcare?

The average couple aged 65+ spent $57 on everything in 818 (the latest year for which data is available). Of this amount, 2022%, or $13, went to health care.

Here's the full breakdown:

  • health insurance - $5;
  • medical services - $1;
  • medications - $843;
  • medical equipment - $278.

Health insurance is by far your biggest expense, and it's not always related to Medicare. Most seniors do not pay premiums for Medicare Part A (hospital insurance). Monthly premiums for Part B (health insurance) for most beneficiaries in 2022 were $170,10. That adds up to about $2 per year. If we eliminate that, we still have $041 left over for other insurance-related expenses.


That's because many seniors buy supplemental insurance to fill gaps in Medicare. Private health insurance companies sell these policies and set their own premiums and coverage limits. The plan you choose has a big impact on how much you'll pay to keep your policy in force, as well as how much you'll shell out out of pocket for medical care throughout the year.

The rest of the items on the list—medical services, medications, and medical supplies—are not as easy to account for because they depend almost entirely on your personal health.

An older person in great shape may not need to visit the doctor or take prescription medications at all. But someone else will need to see a doctor regularly and take many medications.

Spending Strategy for Healthcare in Retirement

It's best to create a system to help you deal with any medical issues you may have in retirement. To do this, you will need insurance and savings.

Retirement Health Insurance Options

Medicare will likely form the basis of your insurance coverage because it is available to all seniors over 65 years of age. It offers a larger network of providers compared to many private plans.

Original Medicare consists of Part A and Part B. Anyone who needs prescription drugs should consider adding a Part D plan. They are offered by private health insurers, so costs and coverage options vary. If you decide to add one, you can do so during the initial enrollment period or the annual enrollment period. This will reduce your out-of-pocket costs slightly if you need different prescriptions.

Medicare Part C is not a supplement to Original Medicare. Medicare Part C (or Medicare Advantage) plans are an alternative offering from private health insurers. It includes all the benefits of Original Medicare, plus other benefits. But these plans sometimes have a more limited network of providers: You won't be able to see specialists without referrals.

A Medicare Supplement or Medigap plan is a better option if you want the flexibility of Original Medicare plus a little extra coverage. These are separate plans from private insurers that cover what Medicare does not. For example, dental services, eye care, or hearing aids.

Personal savings

Regardless of the insurance policy you choose, you will face some out-of-pocket healthcare costs in retirement. This will require personal savings.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Appleread it all on ForumDaily New Y

Overall inflation is currently around 3,5%, but price increases for medical goods and services are projected to be 7% this year. This estimate didn't specifically take into account Medicare or retirement health care costs, but it's not unreasonable to think they could also become more expensive over time.

You must decide how much you think you need to save for retirement healthcare. Your health status, financial constraints and life expectancy will all play a role. Be as careful as possible: it is better to save more than expected than to retire without funds.

Read also on ForumDaily:

How to save on groceries: 6 apps that sell surplus food for cheap at restaurants, bakeries and other businesses

A researcher has identified the fastest way to become a millionaire, but it won't be easy.

How much do you need to earn to live comfortably in 25 major US cities?

In the U.S. costs Здравоохранение pension
Subscribe to ForumDaily on Google News

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis. 



 
1073 requests in 1,237 seconds.