When your retirement is just around the corner, it’s important you have a plan for how you’ll manage your healthcare and its costs when you’re not working anymore. Consider this: a couple that retires this year can reasonably expect to see more than $400,000 of medical bills during their retirement, and about four percent of those costs will come out of pocket (most is covered by insurance or Medicare). Actual expenses can vary based on your condition and where you live, but no matter what, healthcare figures to be a substantial part of your budget in your retirement, meaning you need to engage in some thorough financial planning.
As part of this, you should pay some attention to your hearing healthcare. Nearly 50 million Americans suffer from hearing loss, and that includes more than two thirds of people who are age 70 and older. Hearing aids in Fairbanks, AK are often out-of-pocket costs, as they are not covered by Medicare.
What you can do to prepare
As longas you’re still working, you can do some things to help you prepare for the inevitable healthcare costs you’ll face in retirement. If you have an FSA (Flexible Spending Account) set up, you can use pre-tax money for healthcare costs for that year, including purchasing uncovered items like hearing aids in Fairbanks, AK. Some employers will also contribute to employee FSAs, giving you more money to spend on out-of-pocket medical costs.
If you’re not still working and an FSA isn’t an option, don’t worry—you can still set up a separate account specifically for medical expenses and budget a certain amount of money every month to put in that account.
The best thing you can do, though, is take care of yourself. The healthier you are, the less you’ll have to spend on medical costs, at least in the immediate time period after your retirement. You should eat well, maintain a healthy weight, avoid smoking and drink only in moderation. Be sure to get plenty of exercise, as well. While you might not be able to hit the gym as hard in your older age as you did in your younger years, you can still get out and get some aerobic exercise by walking or biking, and can also work in some forms of resistance training. This will go a long way toward increasing your overall health and decreasing the amount of money you have to spend on out-of-pocket medical expenses in your retirement.
Exercise is great for your whole body, including your ears, as improved blood circulation helps your inner ear. The delicate hair cells inside your inner ear help your body translate sounds, and those cells require good blood circulation to function properly. This is just one of the many benefits of getting regular exercise.
Want to know more about what you can do to prepare for your retirement and set yourself up for better hearing health in Fairbanks, AK in your older age? We encourage you to contact Northland Hearing Services today with your questions.
Categorised in: Hearing