~~ How to Cut Health-care Costs in Retirement ~~
Medicare beneficiaries spent on average $3,324 a year of their own money on health care in 2010, according to a recent AARP report. But 10% of beneficiaries — almost five million people — spent more than $8,030, according to the report.
That may seem like pocket change compared with what you need to earmark for prescription drugs if you retired last year. To wit: Setting aside $151,000 of your nest egg for prescription drugs would give a couple retiring last year with median health costs a 50% chance of having enough money to provide for their medications, according to the Employee Benefits Research Institute. And setting aside $220,000 would give you a 90% chance of having enough money for your meds.
So, what can you do to trim those kind health-care costs in retirement? Financial planners shared with us some novel and some tried-and-true ways to cut costs.
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