If you’re inching closer and closer to retirement, you may be dreaming of being able to spend your time however you want. Healthcare expenses are something that can really put you in a bad place financially, whether you’re working or retired. PennyGem’s Johana Restrepo has more.
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00:00If you're inching closer and closer to retirement, you may be dreaming of being able to spend your
00:08time however you want. Healthcare expenses are something that can really put you in a bad place
00:13financially, whether you're working or retired. According to Fidelity, the average couple
00:19retiring this year can expect to spend $300,000 in medical expenses during their retirement.
00:25The cost is likely to be $157,000 for single women and $143,000 for single men. This is assuming that
00:35people are enrolled in Medicare Part A and B, which cover hospital stays and doctor's visits,
00:41and Medicare Part D, which covers prescription drugs. Money Talks News recommends using a health
00:47savings account to help boost your retirement savings. You'll get a tax deduction during the
00:53year you contribute. The money grows tax-free, and when you use that money towards medical expenses,
00:59it isn't taxed. Purchasing a long-term care insurance plan can also help you fill the gap
01:05between your savings and Medicare.