fbpx

3156404590
3156404102
8775799585
8775350126
6292014969
6292017065
8339051914
8339051921
8606070452
8605445670
3156404702
3156404313
6155903079
6155903169
5744061405
5743474778
4752074320
4752074612
3176482058
3176482103
2602962383
2602160519
3177426225
3177426223
8334373271
8337410221
3159255886
3159300106

Paying for Healthcare: What You Should and Should Not Do Hero

Paying for Healthcare: What You Should and Should Not Do

Contact Us

A recent study found that seniors in the United States withdraw $22 billion from their savings each year to cover healthcare costs. Similarly, about two in three bankruptcies in the U.S. are associated with illness and healthcare costs.

While some medical and care expenses are unavoidable, there’s a lot that you can do to mitigate and control healthcare costs during retirement. Here are some important “dos and dont’s” for older adults:

Do take to time to understand health coverage 

Many Americans have misconceptions about paying for healthcare and senior care in later life. For instance many adults believe that Medicare will cover all of their healthcare and long-term care expenses after they turn 65. In fact, none of the Medicare plans (A, B, C, or D) cover long-term care such as nursing homes and assisted living communities. Nor do they pay for common health needs such as dental care and dentures, hearing aids, or routine foot care. Research what your health plan will cover, and what gaps you might need to fill with other insurance or by paying privately. 

Do not be afraid to talk to an expert

The world of healthcare and health insurance can be murky and complex. While we recommend really taking time to understand your healthcare and coverage options, you don’t have to do this alone. Before making important decisions about health coverage, long-term care, and retirement, consider seeking the guidance of an unbiased expert, such as a certified financial planning professional. 

Do take advantage of free preventive care 

Medicare and private health plans fully cover important preventive care. Take advantage of this by utilizing all recommended preventive care, from tests to vaccines. This will dramatically reduce your risks of some of the most common (and costly) conditions and diseases that befall us as we age

Do not be overly optimistic about your future health costs (or pessimistic about your longevity)

As you plan for the future, be realistic and don’t bank on your healthcare needs remaining perpetually low. Here, the adage “Hope for the best, plan for the worst,” holds true. Try to plan your healthcare and finances based on the assumption that you will have substantial healthcare needs at some point, even if you are healthy now. Similarly, some seniors base their healthcare and financial planning on the assumption that they will have passed away by a certain age. This is also a mistake. If at all possible, build a plan that sustains your care even if you live well beyond what you might expect. 

Do be smart about deductibles 

For instance, if you are planning a non-urgent elective procedure, it can be wise to have it done after you have already paid all of your deductible for the year instead of next year after the deductible has been reset. 

Do not shun generic medications

The only difference between a generic drug and the brand-name version of the same drug is cost. On average, generic drugs are about 80% less expensive than their brand name counterparts. Ask your pharmacist for generic versions of your medications whenever possible. 

Do be mindful of increasing healthcare costs 

The annual, overall inflation rate in the United States is about 2%. Unfortunately, healthcare expenses are growing at an even higher rate than this. Financial experts advise that you factor-in annual costs increases of 4% into your healthcare and financial planning.

Do not be afraid to appeal denied claims

About 5%-10% of claims to health insurance are denied, and experts have estimated that up to 90% of these denials are due to simple errors. If you think coverage for a medical expense was denied in error, don’t hesitate to appeal that denial. 

Categories:

  • Categories
  • Written by Jeffrey Anderson

    Jeffery, who resides, in Tacoma, Washington, began a career working with seniors and their families in 2010, and has been writing about senior living topics since 2011. His essays have been featured in several well-known publications including the Huntington Post. The decline and death of his own elderly mother in 2020 further enhanced his insight into senior living and aging, and he hopes it will help him connect with readers in a more authentic way. Jeffery treasures spending time with his family, including his 75-year-old father. His other interests include collecting historic tarot decks, playing chess. and photographing birds.

    More Articles by Jeffrey Anderson

    We Look Forward to Meeting You

    Life at The Hearth

    Staff That Care

    Our team isn’t just there to meet your physical needs. Through Care Connect®, our staff are given the skills to truly care for, connect with, and appreciate the feelings of our residents.

    About Us

    Staff That Care +

    Fulfilling Social Life

    In addition to routine-establishing weekly events like movie night and bingo, we offer monthly events like food demonstrations to help enrich our residents’ lives.

    Events

    Fulfilling Social Life +

    Richer Lifestyle

    Each Hearth location offers the freedom and opportunity of a college campus with the activity and service of a five-star cruise. Everything we do is designed to help you Live More©

    The Hearth Experience®

    Richer Lifestyle +

    Our team isn’t just there to meet your physical needs. Through Care Connect®, our staff are given the skills to truly care for, connect with, and appreciate the feelings of our residents.

    About Us

    In addition to routine-establishing weekly events like movie night and bingo, we offer monthly events like food demonstrations to help enrich our residents’ lives.

    Events

    Each Hearth location offers the freedom and opportunity of a college campus with the activity and service of a five-star cruise. Everything we do is designed to help you Live More©

    The Hearth Experience®

    Check us out on Facebook

    Comments Box SVG iconsUsed for the like, share, comment, and reaction icons

    4 days ago

    The Hearth

    Halloween is a time for pumpkins, leaves, costumes, and candy! Some of our team members at Keepsake Village at Greenpoint took some time out of their day to make a resident's Halloween season special. Meet "Skipper" the Halloween pumpkin!

    youtu.be/KxIHFI6ZcMw
    ... See MoreSee Less

    Video image

    Comment on Facebook

    Awww, I miss my friends at The Hearth! 🎃🎃🎃

    5 days ago

    The Hearth

    Here's what people are saying about The Hearth at Gardenside! www.youtube.com/watch?v=VYxp-fmasj4&feature=youtu.be ... See MoreSee Less

    Video image

    Comment on Facebook

    6 days ago

    The Hearth

    Nothin' like a good old fashioned game of checkers. (Watch out David, Curtis has his game face on!) ... See MoreSee Less

    Nothin like a good old fashioned game of checkers. (Watch out David, Curtis has his game face on!)

    1 week ago

    The Hearth

    On Saturday, October 10th, Jill and Scott were married at The Hearth at Glastonbury in Glastonbury, Connecticut. Scott and Jill requested to have the wedding at The Hearth because they wanted Scott’s mother, Maria, a Hearth resident, to be a part of their special day. For safety precautions due to COVID-19, Maria was unable to travel to their original wedding location, so the couple came to her! It was a wonderful ceremony and a picturesque day. They were married in the gazebo on our grounds. Champagne colored hydrangeas surrounded the gazebo with tall autumn leaves in the background. Jill’s bouquet was arranged with red, white, peach and champagne flowers and sage colored leaves. The ceremony was very unique as everyone was wearing masks. In keeping with COVID-19 precautions, all guests were properly social distant at 6 ft. apart. Despite the unusual circumstances it was a beautiful ceremony. ... See MoreSee Less

    On Saturday, October 10th, Jill and Scott were married at The Hearth at Glastonbury in Glastonbury, Connecticut.  Scott and Jill requested to have the wedding at The Hearth because they wanted Scott’s mother, Maria, a Hearth resident, to be a part of their special day. For safety precautions due to COVID-19, Maria was unable to travel to their original wedding location, so the couple came to her! It was a wonderful ceremony and a picturesque day. They were married in the gazebo on our grounds. Champagne colored hydrangeas surrounded the gazebo with tall autumn leaves in the background. Jill’s bouquet was arranged with red, white, peach and champagne flowers and sage colored leaves. The ceremony was very unique as everyone was wearing masks.  In keeping with COVID-19 precautions, all guests were properly social distant at 6 ft. apart. Despite the unusual circumstances it was a beautiful ceremony.

    2 weeks ago

    The Hearth

    See how The Hearth helps seniors live more: youtu.be/T69bbvsJjXk ... See MoreSee Less

    Video image

    Comment on Facebook

    Load more

    Contact Us

    The Hearth
    11755 North Michigan Road Zionsville IN 46077 317-873-6300
    https://thehearth.net/wp-content/uploads/2020/03/TheHearth-HP-Hero-Mar2020.jpg
    The Hearth
    6330 North Fir Road Granger IN 46530 574-243-5557
    https://thehearth.net/wp-content/uploads/2020/01/Juday-Creek_1920x600.jpg
    The Hearth
    2339 South SR 135 Greenwood IN 46143 317-535-0422
    https://thehearth.net/wp-content/uploads/2020/03/TheHearth-HP-Hero-Mar2020.jpg
    The Hearth
    611 West County Line Road South Fort Wayne IN 46814 260-625-4025
    https://thehearth.net/wp-content/uploads/2020/01/Sycamore_1920x600.jpg
    The Hearth
    150 Old Liverpool Road Liverpool NY 13088 315-453-7911
    https://thehearth.net/wp-content/uploads/2020/01/Greenpoint_1920x600.jpg
    The Hearth
    830 James Street Syracuse NY 13203 315-422-2173
    https://thehearth.net/wp-content/uploads/2020/03/TheHearth-HP-Hero-Mar2020.jpg
    The Hearth
    1715 Castle Gardens Road Vestal NY 13850 607-748-5700
    https://thehearth.net/wp-content/uploads/2020/03/TheHearth-HP-Hero-Mar2020.jpg
    The Hearth
    138 Old Liverpool Road Liverpool NY 13088 315-451-4567
    https://thehearth.net/wp-content/uploads/2019/11/The-Hearth-Castle-Gardens-Hero.jpg
    The Hearth
    6900 Buckley Road Syracuse NY 13212 315-634-7000
    https://thehearth.net/wp-content/uploads/2019/08/TheHearth-Locations-2019-Greenpoint-HeroImages-2.jpg
    The Hearth
    1035 Fulton Greer Lane Franklin TN 37064 615-591-3003
    https://thehearth.net/wp-content/uploads/2020/01/Franklin_1920x600.jpg
    The Hearth
    419 East Main Street Hendersonville TN 37075 615-264-0779
    https://thehearth.net/wp-content/uploads/2020/01/Hendersonville_1920x600.jpg
    The Hearth
    173 Alps Road Branford CT 06405 203-483-7260
    https://thehearth.net/wp-content/uploads/2020/01/Gardenside_1920x600.jpg
    The Hearth
    281 Western Blvd Glastonbury CT 06033 860-430-9938
    https://thehearth.net/wp-content/uploads/2020/01/Glastonbury_1920x600.jpg
    The Hearth
    100 Bradley Rd Madison CT 06443 203-245-3311
    https://thehearth.net/wp-content/uploads/2020/01/Tuxis_1920x600.jpg
    The Hearth
    655 Main Street South Southbury CT 06488 203-267-7100
    https://thehearth.net/wp-content/uploads/2020/01/Southbury_1920x600.jpg
    chevron-right chevron-left chevron-down chevron-up instagram facebook facebook2 pinterest twitter google-plus google linkedin2 yelp youtube phone location calendar share2 link star-full star-half chevron-right chevron-left chevron-down chevron-up envelope fax font-size plus-circle minus-circle