8 Tips for Paying for Health Care in Retirement

With retiree benefits vanishing, there's even more reason to save for future medical costs

By Emily Brandon

Posted: March 16, 2009

Go it alone. Retirees who find that they can't afford their medical needs sometimes choose to delay or go without necessary care. A Kaiser Family Foundation study found that some Medicare Part D enrollees who reached the "doughnut hole" gap in prescription drug coverage simply stopped taking their medication. For example, of those taking medications for specific conditions, 10 percent stopped taking oral anti-diabetic drugs, 18 percent gave up osteoporosis medications, and 20 percent discontinued the use of proton pump inhibitors to reduce gastric acid. But failing to treat a chronic condition will inevitably lead to higher health care costs in the future.

Invest in your health. Another answer to limiting the cost of health care is to take good care of yourself. There are no guarantees, of course, but in general a healthful diet and plenty of exercise will not only help you enjoy life but make living more affordable, too.

Part D- what a surprise!

My husband just turned 65 in Sept. We did all the "homework" we could do and finally settled on First Health (in Missouri). The premium was $27.00/mo. we don't use any Rx drugs (thank God!) Then yesterday we get a thick parcel in the mail with a new premium for Jan.1st--$ 50+dollars! WE can see a few dollars increase- but this?? It's almost a 100% increase! AND it's more than the states of Florida, Calif., etc! We called and got the runaround but no good reason for the drastic increase-and only in our "conservative state"- (and Iowa) does it seem the increases are so high!.

That's another reason why- though we have insurances- we ARE for a change and a single payer SYSTEM or even for a Canadian/Europe system- call it what they will!! Military, congressmen,etc, all have govt involvement and they're grinning- so let's get everyone on board! Hopefully our Medigap won't increase in the same way!!

patricia gillette of MO @ Oct 27, 2009 18:59:35 PM

Health Care only for the wealthy

I am a 62 year old divorced woman, I was divorced 11 years ago. When I was divorced I lost my health insurance since it was through my husbands union,when I tried to buy insurance for myself it was so expensive I could not afford it. Then 4 years ago I came down with Chronic pancreatitus, and no I am not a drinker never have been it came out of nowhere. It financially devestated me to the tune of $65,000. And since it is chronic I live with it every day and have to see a Doctor on a regular basis. Two months ago I found out I have Conjestive Heart failure a potentally fatal desease, I cant even go to the Heart specialist, my doctor sent me to because I do not have the money to pay cash when I am seen plus the cost of the test. I was turned down for SSI with the pancreatitus so I cluld not get medicare, I have worked since I was 15 years old and I am going to die probably because I do not have insurance and I am not 65 and can not get medicare,I am praying every day that President Obama does something for me soon.If I had medicare I would go where I had to to find a Doctor that would take it, and be greatful for it.

Rita Shea of MS @ Jun 18, 2009 14:30:52 PM

Medical Costs

Just reading the delima from across the states, I think Corporate America has wasted itself into no-man's land period.

We sure do need a new impove or improvised health plan for all

the common workers whose lives had been falsly trusted under the care of all unions and corporate America. No wonder the Europeans laugh at us Americans. They have been working for a different type of health care plan since the end of World War II. And at this point, they are wondering if we will ever get out of the hole we have dug ourselves into since then.

As for retired payments - I'm lucky if I will receive all 4 different types that I have put into since I was in my twenties, let alone the cost of living that keeps hiking up and up out of now where!

unknown of CA @ Jun 02, 2009 21:11:32 PM

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