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It comes as no surprise that healthcare expenses can be a significant burden for many retirees. However, these costs are more complicated for women because of an extra factor. Understanding the special healthcare requirements of female retirees is becoming more and more crucial as life expectancy rises and more women reach retirement age. 

In this article, we’ll go through the different healthcare issues that specifically apply to women in retirement and how they can effectively budget for their medical costs over time.

Let’s start by taking a look at how much healthcare in retirement typically costs out of pocket. Medicare enrollees shell out, on average, $4,300 a year for premiums as well as additional out-of-pocket costs including co-pays and deductibles, according to statistics from the Employee Benefit Research Institute (EBRI). Age and health conditions, however, have a big impact on these numbers, and older people typically pay more than younger people since aging bodies pose more health risks. There may also be disparities between genders regardless of age in terms of healthcare expenses because women frequently need different preventative care services or treatments than men do, such as pelvic exams or breast cancer screenings.

Financial advisors advise women in retirement to budget ahead and account for projected healthcare bills in order to be ready for these prospective charges. This may include any copayments or premiums for Medicare, long-term care insurance, the price of prescription drugs, vision coverage, and other required medical procedures. It’s also vital to look into your options for health insurance companies; you might be qualified for a cheaper plan or have access to better coverage than what Medicare offers. 

Another important factor in managing healthcare costs for women during retirement is understanding your legal rights as a female senior. Under the Affordable Care Act, women are protected from gender discrimination when it comes to healthcare service pricing and coverage options. Additionally, women over 65 are eligible for free mammograms as well as cervical and colorectal cancer screenings through Medicare. It’s important to be aware of all the services you may be entitled to in order to ensure that your care is being properly covered. 

Finally, it’s highly recommended that women in retirement should consult a financial advisor when planning out their healthcare budget. The cost of medical care can be unpredictable, so having an expert to help anticipate and plan for any potential expenses is invaluable. A financial advisor will be able to answer any questions you may have as well as provide advice on how to best manage your out-of-pocket costs over time. 

If you want to learn more about the best ways to prepare for and manage your healthcare costs for women in retirement, we can help.

At Independent Financial Services we have professionals that can guide investment strategies, tax-efficient savings options, and retirement income planning. By working with one of our professionals, women can feel confident that they are making informed decisions about their financial future. 

Get in touch with us today to enjoy a comfortable and secure retirement experience!