You've probably read articles about how healthcare costs for retirees being astronomically high. The last projection that I saw pegged this cost at $280,000.
Here's what they aren't telling you. Most of these costs are premiums for Medicare supplement policies, prescription drug plans, deductibles, and copayments.
When you average this out over the typical retiree lifetime, it works out to about $5,000 to $10,000 a year. Much more manageable and not quite as scary, don't you think?
If you want to fight back against huge healthcare costs in retirement, make sure you've got the right Medicare supplement policy for your situation, along with a Part D prescription drug plan, or maybe you're better served with a Medicare Advantage plan.
Reviewing your Medicare coverage on a yearly basis can really pay off over time. Most people do not, but survey after survey shows that those who do end up saving significant amounts of money over time.
Knowing the true cost of healthcare in retirement and making sure you have the most cost-effective coverage for your situation will move you one step closer to experiencing your version of an incredible retirement doing what you want when you want.