4 Ways To Save for Unexpected Healthcare Expenses in Retirement

Retirement can be an exciting time. If you have enough saved, you’ll finally be able to take that big trip you’d been dreaming about for years. You can be more present for your family and friends and spoil your grandkids just a bit. You can, ideally, kick back and relax.

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Until a surprise healthcare cost hits that isn’t covered by Medicare. Though Medicare does cover many medical costs you may incur in your golden years, it does not cover everything. For example, Medicare does not cover long-term care, eye exams, most dental care including dentures and hearing aids, to name but a few.

To avoid being blindsided in retirement by an unexpected medical cost that Medicare doesn’t cover, be prepared by doing — or at least considering — the following expert moves .

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Explore your Medicare Options During the Annual Enrollment Period

Your next opportunity to enroll in Medicare is Oct. 15. If you’re ready to enroll — or thinking about changing your current plan — circle this date on your calendar. It could be a day that heralds big savings on healthcare costs. This is an opportunity that too many retirees overlook.

“Last year, only 9% of Medicare beneficiaries we surveyed were planning to adjust their coverage during the annual enrollment period,” said Corie Wagner, senior editor, industry research at TheSeniorList . “If more people took advantage of the annual enrollment period, they could save money by aligning their healthcare coverage more closely with their current needs and financial situation.”

Wagner noted that many Medicare beneficiaries find that their existing plan no longer offers the best value due to changes in premiums, deductibles, copayments or provider networks.

“By reviewing and comparing available plans, seniors can choose a Medicare Advantage plan that offers lower out-of-pocket costs, better coverage for necessary treatments or medications and access to preferred healthcare providers,” Wagner said. “Our research indicates that those who switch plans often do so because they are paying significantly more than those who keep their current coverage.”

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Get Routine Healthcare Screenings

Sure it can be inconvenient, and even a bit nerve-wracking to see the doctor when something isn’t outwardly wrong. But guess what? It’s usually a lot safer and more affordable than seeing a doctor only when something is outwardly wrong.

“Staying on top of routine checkups and cancer screenings such as mammograms can not only save your life, but save you a great deal of money,” Wagner said. “Studies have shown that in the case of breast cancer, the care costs were higher when patients had more advanced stages of cancer at the time they were diagnosed.”

Note that Medicare part B covers breast, colon, lung, prostate and many other preventative cancer screening tests when ordered by physicians.

“Take advantage of these life-saving and cost-saving benefits,” Wagner said.

Invest In Long-Term Care Insurance

Too many retirees are blindsided by the astronomical price of long-term care, which Medicare does not cover.

“The reality is that two-thirds of Americans will need this type of care toward the end of their lives,” Wagner said. “It’s wise to take out a policy early in your retirement years, or before age 60, while you’re still in good health as that can help you get a good rate for the coverage.

“Annual nursing home care can exceed $100,000, but long-term care policies can be significantly less,” Wagner said. “For example, the average long-term care insurance policy costs about $950 a year for 55-year-old men and $1,500 a year for 55-year-old women.”

Take Advantage of All Retirement Savings Options

As you plan for retirement, you’ll become incredibly aware of just how important saving money is — but think not only of the typical costs associated with a healthy life, think of what could happen if you lose your precious health, and save even more aggressively.

“Expect the unexpected when it comes to your health during retirement,” Wagner said. “Take advantage of every savings opportunity you can before retirement, such as matching 401(k) funds from your employer and keeping your job longer to increase your Social Security benefits. Wait to claim Social Security at least until your full retirement age, if not age 70, and try to pay down high-interest debts as soon as you’re able.”

This article originally appeared on GOBankingRates.com : 4 Ways To Save for Unexpected Healthcare Expenses in Retirement