Healthcare costs are one of the biggest financial burdens for older adults and retirees. Although these costs are inevitable as you age, there are ways to reduce them and make them affordable. This article will examine tips to help you save on health care costs as you get older.
The High Price Of Good Health
The United States is considered one of the most expensive countries in the world when it comes to healthcare costs and spending. As we age, we want to be guaranteed that we will have access to good medical care and health services when the time comes. However, this isn’t always easy.
It comes as no surprise to many American adults that in order to receive good health care, there is a high price involved. As the costs of health insurance premiums, medical services and pharmaceuticals continue to rise in the coming years, it is important for aging adults to prepare themselves. Not only is it important for us to protect our health but we also need to ensure that we will have access to good health care in years to come.
Facts On American Healthcare Costs
According to recent studies, it has been estimated that the United States on average spends 17.3% of Gross Domestic Product (GDP) per year on healthcare spending. This figure is estimated to rise another 5.8% this year alone.
The rising cost of healthcare in America has long been linked to that of high utilization rates of the health system. However, this is not the case. When compared to ten other countries from around the world, it was found that Americans spend less time going to the doctor and spend fewer days being hospitalized.
The main reason for healthcare costs being so high in the U.S correlates to the pricing of services. Many researchers have found that the cost of services such as MRI scans, hospital stays and surgeries cost double the amount in America than they do in some of our European counterparts.
With an expected rise in the enrollment of the Medicare health insurance program, we can be guaranteed that the price of healthcare services and pharmaceuticals will not be lowering any time soon.
Common Concerns For Older Adults Who Can’t Afford Healthcare
For many aging adults, the thoughts of factoring high healthcare costs into their retirement budgets can be quite daunting. Even for those who have health insurance in place, access to affordable medical services isn’t guaranteed.
There are many concerns that retirees have in terms of access to healthcare such as:
- Will my health coverage be lessened?
- How will I afford rising prices for medicine?
- What will happen if I can’t afford to pay for a visit to the doctor?
Unfortunately, not everyone will be in the position to comfortably afford to pay high healthcare costs as they grow older. However, there are tips you can use to save on your medical costs in later years.
Savings Start Years Before The Needs Arise
You’ve probably heard it before but it’s important to plan for the future years in advance. Whether you are reaching retirement soon or not for another 10 years, there are ways that you make sure you’ll save on healthcare costs in the future.
Make Good Use Of Medical Plans/Tax Benefits
If you don’t have any health insurance plan in place, see what options are out there and which is best for you. Many choose to risk not getting health insurance while they are younger and put themselves at a loss at a later date. For those who already have a plan with Medicare, make sure that you read your insurance policy fully to understand what you are and aren’t covered for.
Making use of medical plans and any tax benefits that may be available to you can be favourable in the long run.
Take Good Care Of Health Ahead Of Time
The best way to cut the costs of healthcare is to take preventative measures to improve your health levels overall. Looking after yourself properly will do wonders later on in life. Make sure that you eat well and exercise on a regular basis. If you have any health concerns, please get these addressed and don’t leave them until it is too late.
Make use of any extra time that you have in your retirement years to get enough exercise either through going for daily walks or by doing the gardening. Eating well and getting enough sleep is also extremely important to our health as we age. As our bodies get older, our digestive systems begin to slow down making it harder to get the nutrition that our bodies need. By actively looking after what we eat, we can ensure that we have a healthy diet which will also aid in better sleeping patterns.
Seek Discounted Health Services Where Appropriate
Where appropriate and necessary, make sure to seek medical and health services that are discounted or offered at a more affordable rate. Some health clinics offer services at a cheaper rate for those over a certain age. There are also some hospitals that offer a free walk-in clinic service that is catered for those who may not be able to afford hefty hospital or doctor bills.
Charities such as the National Association of Free & Charitable Clinics offer medical care to those who are underinsured or have no access to affordable healthcare services. Their clinics provide medical, dental, vision, pharmacy and behavioural health services.
Heed Preventative Health Measures From Doctors
As we get older, it is important to heed the medical advice of our doctors especially when it comes to getting vaccinations. Vaccinations for shingles, pneumonia and the flu are vital each year for the elderly especially in the lead up to winter.
Every year thousands of adults across the United States have fallen ill to serious illness due to not taking preventative measures. Vaccines work with your body’s natural defences to help build up an immunity against particular illnesses and diseases. Even if you were vaccinated as a child, the effectiveness of these can wear off so it is important to go to your doctor and get re-vaccinated.
Doing so can save you from experiencing further illness and protect your immune system in the future.
Keep Your Home Safe And Accessible
As we age, our risk of falling within the home increases. Each year many Americans injure themselves seriously in the home and have to be hospitalized for hip injuries and knee replacements among others. By ensuring that our homes are accessible as we age, we can ensure that we will be kept safe.
If you are at risk of falling within the home, consider installing stairlifts and making sure that hallways are well-lit.
Benefits Of Reducing Healthcare Costs
Reducing the costs associated with healthcare will have multiple benefits not just for your retirement budget but also your overall happiness. As we discussed above, by taking preventative measures aging adults will not only save on medical, dental and vision care costs but will also improve their overall well-being.
Spending less on pharmaceuticals and healthcare visits on a regular basis will ensure that you have the financial means to do the things that you love but also, ensure that you have money saved in the case of a medical emergency.
Health Matters But It Shouldn’t Break The Bank
With the current state of the American healthcare system, it is easy to feel overwhelmed by the thoughts of going health costs. Health is a human right and seeking needed medical help should not break the bank. However, by taking preventative measures and ensuring that you are insured can help to ensure that these costs will not impact you.