Health care bills can put a major crack in your nest egg during retirement.
Some experts suggest that these costs can add up to hundreds of thousands of dollars during your golden years, although others have questioned those numbers.
Still, no matter your view, medical expenses almost certainly take some type of bite out of your budget if you are retired. So, finding ways to contain these costs is always a worthwhile pursuit.
Here are some important ways retirees can lower health care bills, make costs less volatile, or prevent or reduce future health care problems.
1. Buy a Medigap plan
Contrary to what you might think, a traditional Medicare plan will not cover all your medical expenses during retirement. This can be a shock to some seniors.
Savvy retirees who want to avoid being on the hook for too many health care expenses might consider purchasing a Medigap plan as a supplement to their traditional Medicare policy. Medigap plans can help cover many things Medicare does not.
Many seniors find that the cost they pay upfront for Medigap is worth it because of the savings they get through this extra coverage.
Note: Medigap plans are not available to those with Medicare Advantage plans, which typically cover more than original Medicare in the first place. However, Medicare Advantage plans may have other drawbacks.
2. Take care of your health
We have all heard this advice before: Exercise and eat right, and you will dramatically increase your odds of avoiding illness, chronic conditions and the need to take medications.
And yet, millions of us do not heed such wise counsel. Instead, we sit on couches and munch on chips while binge-watching our favorite shows.
If you’re ready to boost your health by getting active, check out “7 Free Ways to Work Out From Home.”
3. Get routine tests and screenings
Nobody likes going to the doctor. But doing so helps us catch diseases and other problems earlier on, which can lead to both better outcomes and lower treatment costs.
Medicare covers wellness visits and many types of screenings so there’s really no excuse not to get checked. Find out more about the “13 Things That Are Free With Medicare.”
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4. Get recommended immunizations
Vaccines can have side effects, and some of them are significant. But such adverse reactions are rare. By and large, getting vaccinated is a safe and effective way to reduce disease.
For example, getting your flu shot can spare you from more than just a potential case of influenza: It can also prevent you from ending up in the hospital and having to pay the associated medical costs.
Find out which vaccines the U.S. Centers for Disease Control and Prevention recommends in “Over 50? You Need These 5 Vaccines, the CDC Says.”
In addition, some immunizations have been found to lower your chances of developing unrelated medical problems.
Learn more about the benefits of the flu shot in “4 Surprising Health Benefits of Getting Flu Shots.”
And discover how one vaccine is linked to better health in “Now This Vaccine Could Spare You From Heart Disease, Too” and “Another Study Ties This Vaccine to a Lower Dementia Risk.”
5. Consider medical tourism
Retirees who are willing to travel outside the United States for specific medical procedures can save a boatload on medical costs. And you might not have to travel very far.
You can save up to 60% off some major procedures if you travel to Mexico, for example.
Other destinations for more affordable procedures with world-class care include Panama and Thailand.
6. Bunch procedures when possible for tax savings
If you rack up enough health care costs during a single year, you might qualify for a tax break.
You can deduct medical and dental expenses that exceed 7.5% of your adjusted gross income, according to the IRS.
Obviously, it does not make sense to wait if you need medical or dental care right away. But if you have a few expensive procedures that are not urgent, bunching together these medical and dental expenses in a single year can help you cut the cost of such care.
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