How to Keep Healthcare Costs Low in Retirement

Even with excellent insurance coverage and ample preventive care, you may face greatly escalating costs well into your retirement. Andy Dean Photography/Shutterstock

One of your biggest categories of expenses in retirement is going to be healthcare. Even with excellent insurance coverage and ample preventive care, you may face greatly escalating costs well into your retirement.

How do you keep these costs low? And how much of an impact will this have on your finances overall?

Plan for the Gaps in Medicare

First, and probably most importantly, you need to prepare for gaps in your Medicare coverage. In retirement, you’ll likely qualify for Medicare, which is going to cover a great deal of your medical expenses, but it’s important to recognize that it’s not going to cover everything.