How to Budget for Healthcare in Retirement

Healthcare in retirement is expensive, and many overlook how much they'll need to cover medical costs. A 65-year-old couple may spend $315,000 on healthcare, and this doesn’t include long-term care, which can cost over $100,000 annually. Rising costs, Medicare limitations, and unexpected expenses make planning essential.

Key Takeaways:

• Medicare only covers ~62% of healthcare costs. You’ll need to budget for premiums, out-of-pocket expenses, and services not covered (like dental or vision).
• Healthcare costs increase with age. A couple’s annual costs can rise from $13,000 at 65-74 to $40,000 after 85.
• Health Savings Accounts (HSAs) are a tax-efficient way to save for medical expenses. Contribution limits for 2025 are $4,300 (individuals) and $8,550 (families).
• Long-term care is a major gap in Medicare. Insurance or savings is needed for nursing homes or assisted living, which 70% of retirees will likely require.

To prepare:

1. Estimate your lifetime healthcare costs based on health, longevity, and retirement age.
2. Use tax-advantaged accounts like HSAs and IRAs to save.
3. Plan for inflation (5-6% annually for healthcare) and set aside emergency funds.
4. Review Medicare options and coverage gaps annually.

Proactive planning ensures you can handle healthcare costs without draining your savings. Start tracking your expenses today and adjust your budget for future needs.

Understanding Healthcare Costs in Retirement

Planning for healthcare expenses in retirement can feel overwhelming, but breaking it down into manageable steps makes it easier to estimate and prepare. This section dives into the costs you might face and how to tailor your estimates to fit your personal situation. By categorizing expenses, you can simplify the process and gain a clearer picture of where your money will go.

Estimating Lifetime Healthcare Expenses

Healthcare costs in retirement can vary widely depending on your health, coverage choices, and life expectancy. For example, a healthy 65-year-old man retiring in 2024 with Original Medicare, Medigap (Plan G), and Part D coverage is likely to spend about $281,000 over his lifetime. For women, who typically live longer, the estimate is higher - around $320,000.

If you opt for Medicare Advantage plans, the costs are lower but still significant. A healthy 65-year-old man with Medicare Advantage and Part D coverage might spend around $128,000, while a woman in the same situation could expect costs of $147,000.

Health and longevity play a big role in these numbers. Living just five years longer can increase healthcare spending by 42%. Those in below-average health may face 9% higher costs with Original Medicare and Medigap or 39% higher costs with Medicare Advantage.

The age at which you retire is another key factor. Retiring at 60 - five years before Medicare eligibility - can result in 56% higher costs for those with Original Medicare and Medigap, or 86% higher costs for Medicare Advantage enrollees, compared to retiring at 65.

Healthcare spending also increases as you age. For a healthy couple, annual costs typically rise from $13,000 between ages 65 and 74 to $23,000 between 75 and 84, and then to $40,000 annually after age 85.

Breaking these totals into specific expense categories can help you better understand where your money will go.

Key Healthcare Expense Categories

Knowing how healthcare costs break down can make budgeting more accurate. The largest share of retirement healthcare expenses comes from insurance premiums, which typically account for 73% to 81% of annual costs.

• Medicare premiums: These form the foundation of most retirees' healthcare budgets. In 2024, Medicare Part B premiums are $174.70 per month, with higher-income individuals paying more. Adding Part D prescription drug coverage creates a predictable baseline for your expenses.
• Out-of-pocket costs: These include deductibles, copayments, and services not covered by Medicare. For retirees with traditional Medicare, Part D, and Medigap, half spend less than $900 annually, but 1 in 10 spend over $4,200.

Coverage Type	Low Cost (25% pay less)	Medium Cost (50% pay less)	High Cost (25% pay more)	Very High Cost (10% pay more)
Medicare Parts A, B + D	$200	$700	$2,100	$5,100
Medicare Advantage (HMO + Drug Plan)	$100	$700	$1,900	$3,800
Medicare Parts A, B, D + Medigap	$300	$900	$1,900	$4,200

• Long-term care: This is a major expense many overlook. For someone turning 65 today, there’s a 69% chance they’ll need long-term care at some point. The 2024 Cost of Care Survey shows that assisted living facilities average $70,800 per year, while a semi-private room in a skilled nursing home costs around $111,325 annually.
• Uncovered services: Medicare doesn’t cover everything. Dental, vision, hearing, and routine physical exams are often out-of-pocket expenses unless you have supplemental insurance.

By tailoring these categories to your needs, you can create a more accurate budget for your healthcare in retirement.

Personalizing Your Cost Projections

Once you understand the general figures and categories, it’s time to adjust these estimates to reflect your own health, lifestyle, and plans. Your personal healthcare costs will depend on factors both within and beyond your control. Here’s how to refine your projections:

• Health status: Chronic conditions or a genetic predisposition to certain illnesses can significantly increase costs. Take these into account when planning.

• Lifestyle choices: Staying active, maintaining a healthy weight, and avoiding smoking can reduce your risk of chronic diseases and save you thousands in healthcare expenses over time.

  "Although health care costs continue to rise, there are financial planning steps that you can take today to help prevent health care costs from eating into your retirement lifestyle", says Steve Feinschreiber, senior vice president of the Financial Solutions Group at Fidelity.

• Geographic location: Where you retire matters. Some areas have higher healthcare costs, while others may offer better access to specialists or facilities. Factor this into your plans.

• Inflation: Healthcare costs typically rise faster than general inflation. Financial advisors suggest budgeting for healthcare inflation of 5% to 6% annually, compared to the 3% general inflation rate.

  "Budget for higher healthcare inflation. Normal inflation may be around 3% annually, but it could be wise to assume healthcare costs increase closer to 5% or 6% per year", advises Colin Overweg of Advize Wealth Management.

• Coverage choices: Your choice of coverage plays a big role in out-of-pocket costs. Medicare Advantage plans often result in 34% to 47% lower expenses compared to traditional Medicare with Medigap Plan G. However, these plans may come with limited provider networks and require referrals for specialists.

The key to effective planning is creating projections based on your unique circumstances. Consider your current health, family medical history, lifestyle habits, and coverage preferences to develop a realistic estimate tailored to your retirement journey.

Using Tax-Advantaged Savings for Healthcare

Planning for retirement is all about making smart financial moves, and leveraging tax-advantaged accounts is one of the best ways to stretch your healthcare budget. By understanding how different accounts work and their benefits, you can better prepare for healthcare costs in retirement.

Health Savings Accounts (HSAs)

HSAs stand out as one of the most effective tools for healthcare savings, thanks to their "triple tax advantage." Here's what that means: contributions are pre-tax, your earnings grow without being taxed, and withdrawals for qualified medical expenses are also tax-free.

For 2025, HSA contribution limits are set at $4,300 for individuals and $8,550 for families. These limits increase slightly in 2026 to $4,400 and $8,750, respectively. If you're 55 or older, you can add an extra $1,000 each year as a catch-up contribution.

To get the most out of your HSA, consider it more like a retirement account than a tool for immediate expenses. Steven Feinschreiber, Senior Vice President of Financial Solutions at Fidelity, emphasizes this point:

"Health care will likely be one of your top 5 expenses in retirement, so consider earmarking a portion of your 401(K) or IRA along with HSA to help pay for expected health care costs throughout your retirement."

By paying for current medical expenses out-of-pocket whenever possible, you allow your HSA balance to grow through investments. Unlike FSAs, HSA funds roll over each year and don’t expire. Plus, there are no required minimum distributions, so your savings remain available for when you need them most.

In retirement, HSAs become even more valuable. You can use the funds tax-free for expenses like Medicare premiums (Parts A, B, and D, though not Medigap), long-term care, and other qualified medical costs. After age 65, you also have the flexibility to withdraw funds for non-medical expenses, though these will be taxed as ordinary income.

Feinschreiber also suggests taking a slightly conservative investment approach with HSA funds compared to your broader retirement portfolio, given the predictable nature of healthcare costs.

Other Tax-Advantaged Accounts

HSAs are just one piece of the puzzle. Roth IRAs, for example, allow for tax-free withdrawals in retirement after age 59½, which can be especially useful if you expect to be in a higher tax bracket later. Traditional IRAs and 401(k) plans, on the other hand, offer immediate tax breaks on contributions, reducing your current tax bill. These accounts can complement your HSA to help you cover healthcare costs.

To put things in perspective, the 2024 Fidelity Retiree Health Care Cost Estimate projects that a 65-year-old individual may need about $165,000 in after-tax savings for healthcare expenses in retirement. For a retired couple, that figure jumps to approximately $315,000. These numbers highlight why it's so important to use every available tax-advantaged tool.

FSAs are another option for managing healthcare costs, though they work differently. For 2025, you can contribute up to $3,300 to an FSA. However, unlike HSAs, FSAs typically follow a "use it or lose it" rule, meaning funds must be spent within the plan year unless your employer allows a small rollover of up to $640.

Here’s a quick comparison of HSAs and FSAs:

Account Type	Tax Treatment	2025 Contribution Limits	Best For
HSA	Triple tax advantage	$4,300 (individual) / $8,550 (family)	Long-term healthcare savings
FSA	Pre-tax contributions	$3,300	Current year medical expenses

Using these accounts effectively can help you build a solid healthcare budget, ensuring you're better prepared for the financial challenges of retirement.

Using Maybe Finance for Savings Tracking

Managing multiple accounts can get complicated, but Maybe Finance makes it easier. This platform provides tools to track your HSA contributions, monitor balances across your healthcare savings accounts, and set clear goals for retirement healthcare expenses.

With its account-linking feature, Maybe Finance connects to over 10,000 financial institutions, giving you a real-time view of your HSA alongside other retirement accounts. This lets you see exactly how much you've saved for healthcare and whether you're on track to meet your targets.

The platform also offers budgeting tools that allow you to create custom categories for healthcare savings. This helps you keep an eye on contributions, allocate funds effectively, and monitor progress toward the estimated $165,000 individual or $315,000 couple target for retirement healthcare costs. Additionally, its investment tracking features simplify monitoring the growth of your HSA over time.

With multi-currency support and customizable reports, Maybe Finance gives you the insights you need to fine-tune your strategy. Whether you're maximizing HSA contributions, planning Roth IRA conversions, or coordinating withdrawals across accounts, this tool helps you make informed decisions about your healthcare savings.

Planning for Insurance and Coverage Gaps

Estimating expenses is just one piece of the puzzle when planning for retirement healthcare. The other critical piece? Tackling insurance and coverage gaps. While Medicare forms the base of healthcare coverage for retirees, it doesn’t cover everything. Identifying these gaps early ensures you're prepared for the extra costs and helps you build a more complete retirement budget.

Medicare and Supplemental Insurance Options

Medicare is the starting point for most retirees' healthcare, but understanding its structure and limitations is essential. Here’s a breakdown of the key components:

Original Medicare includes Parts A and B:

• Part A: Covers hospital insurance, including inpatient stays, skilled nursing, home healthcare, and hospice care. If you’ve worked and paid Medicare taxes for at least 10 years, you won’t have a monthly premium. However, there’s a $1,632 deductible per hospital benefit period in 2024, plus coinsurance and copays for longer stays.
• Part B: Covers medical services like doctor visits, outpatient care, and preventive services. After paying the deductible, Medicare covers 80% of provider services, leaving you to handle the remaining 20%. One major drawback: Original Medicare doesn’t have an out-of-pocket maximum, which means costs can add up quickly.

Medicare Advantage (Part C) offers an alternative by bundling Parts A and B, often with Part D (prescription drug coverage) and extras like dental, vision, or hearing benefits. These private plans cap out-of-pocket costs for Parts A and B, but they usually limit you to a specific provider network. In 2022, nearly half of Medicare beneficiaries opted for these plans, with 69% paying no extra premium beyond their Part B costs.

Part D is focused on prescription drugs but comes with a tricky "donut hole" coverage gap. Once you and Medicare spend a certain amount on prescriptions, your coverage temporarily decreases until you hit catastrophic coverage levels.

Medicare Plan Part	Coverage	Out-of-pocket costs
A (Hospital insurance)	Inpatient hospital, skilled nursing, home healthcare, hospice care	Deductibles, coinsurance, and copays
B (Medical coverage)	Doctor visits, outpatient care, other medical services	Monthly premiums, deductibles, coinsurance, and copays
C (Medicare Advantage)	Private alternative to Parts A, B, and D; often includes extras like dental or vision	Costs vary by insurer
D (Prescription drugs)	Brand name and generic drugs	Monthly premiums, deductibles, coinsurance, and copays
Medicare Supplement Insurance (Medigap)	Works with Parts A and B to cover costs they don’t, like copays and deductibles	Monthly premiums

Medigap policies are designed to complement Original Medicare, covering expenses like copayments, coinsurance, and deductibles. While these policies require monthly premiums, they can offer predictable costs and reduce financial stress.

It’s also worth noting what Medicare doesn’t cover: vision, dental, hearing care, and treatments outside the U.S. If these are priorities, you’ll need to budget for them or explore Medicare Advantage plans that include such benefits. Knowing your coverage options is a key step in planning your retirement healthcare budget.

Long-Term Care Insurance

Long-term care is one of the most significant gaps in Medicare coverage, and the statistics are hard to ignore. Roughly 70% of people over 65 will require some type of long-term care, yet nearly half mistakenly believe Medicare covers extended nursing home stays.

The financial burden can be overwhelming. For instance, the average nursing home stay for women lasts nearly four years and costs around $270,000. A survey found that 90% of adults said paying for just one year of nursing home care would be impossible or extremely challenging for their families.

Larry Nisenson, chief growth officer at Assured Allies, highlights the distinction between long-term care insurance and Medicare coverage:

"Long-term care insurance is focused specifically on the activities of daily living and cognitive decline. Medicare supplemental coverage is built around the same health care services as Medicare."

Long-term care insurance (LTCi) is specifically designed to cover non-medical needs, such as help with daily activities like bathing, dressing, and eating, as well as care for cognitive conditions. Medicare and Medigap typically don’t address these needs.

When considering LTCi, several factors come into play:

• Health profile: Life expectancy, gender, and family health history will influence your likelihood of needing care and the cost of coverage.

• Finances: Assess your assets, income, and whether premiums fit within your budget. A general rule is to keep premiums below 7% of your income.

• Timing: The earlier you buy, the lower the cost. Jesse Slome, executive director of the American Association for Long-Term Care Insurance, emphasizes this point:

  "This is a policy you buy only once."

Your care preferences also matter. Would you prefer at-home care or a rehabilitation facility? Who will make decisions if you can’t? These choices influence the type of coverage you’ll need. Planning for long-term care as part of your healthcare budget ensures you’re financially prepared for the unexpected.

Tracking Insurance Costs with Maybe Finance

Once you’ve chosen your coverage, keeping track of costs is crucial. Managing premiums, deductibles, and out-of-pocket expenses can get complicated, especially with multiple Medicare parts, supplemental insurance, and long-term care coverage. That’s where Maybe Finance steps in.

Maybe Finance offers tools to organize and monitor your healthcare-related expenses. You can create custom categories for Medicare premiums, Medigap costs, long-term care insurance, and out-of-pocket medical bills. This detailed tracking gives you a clear picture of how much you’re spending on coverage versus actual care.

The platform also allows you to link your HSA, checking accounts, and credit cards to automatically track payments and expenses. This real-time view helps you compare your spending against your budget projections, making adjustments as needed.

During Medicare’s annual Open Enrollment period (October 15 - December 7), Maybe Finance’s reporting features become especially helpful. You can review your past year’s spending to decide if your current plan is cost-effective or if it’s time to switch.

For those with long-term care insurance, Maybe Finance can track premium payments, set reminders for due dates, and monitor how costs change over time. If you’re considering medical tourism or international coverage, the platform’s multi-currency support ensures you can manage expenses in various currencies while seeing their impact on your overall budget in dollars.

Building and Maintaining a Healthcare Budget

Planning for healthcare costs in retirement means staying proactive and flexible. Since healthcare is one of the most significant expenses retirees face, having a well-structured budget can safeguard your finances while ensuring you receive the care you need. A key step in this process is allocating funds effectively to cover both predictable and unexpected costs.

Allocating Funds for Healthcare Costs

Think of healthcare expenses as recurring costs rather than a one-time payment. Ben Storey, director of Retirement Research & Insights at Bank of America, highlights the common oversight many people make:

"You could call healthcare the biggest retirement expense people fail to plan for. Many folks just assume Medicare is going to pay for everything but, in reality, it only covers about two-thirds of your costs."

Separate your budget into two categories: predictable premiums and variable out-of-pocket costs. For premiums, account for Medicare Part B, any Medicare Advantage or Medigap plans, Part D prescription drug coverage, and long-term care insurance if applicable. These are regular, scheduled expenses that are easier to plan for.

Out-of-pocket costs, on the other hand, can be harder to predict. However, data shows that half of retirees with traditional Medicare (Parts A and B), a prescription drug plan (Part D), and Medigap spend less than $900 annually on out-of-pocket expenses. Your actual costs will depend on factors like your health, family medical history, and even where you live, as healthcare costs vary widely across the U.S.

When allocating funds, consider your health profile. If you have chronic conditions or a history of costly medical issues in your family, plan for higher expenses. Additionally, prioritizing preventive care - such as regular check-ups, screenings, and maintaining a healthy lifestyle - can help minimize long-term medical costs.

Adjusting for Inflation and Rising Costs

Healthcare costs don’t just increase - they outpace general inflation. While typical inflation hovers around 3% annually, healthcare costs often rise by 5% to 6% per year. Financial advisors recommend planning accordingly:

"Normal inflation may be around 3% annually, but it could be wise to assume healthcare costs increase closer to 5% or 6% per year."

For instance, a 55-year-old couple today may spend over $1 million on healthcare during retirement. This underscores the importance of revisiting your budget regularly. Adjust your healthcare budget annually, factoring in these higher inflation rates for medical expenses. Don’t rely solely on Social Security cost-of-living adjustments, as they often fall short of covering healthcare inflation.

Flexibility is key. Inflation spikes, like the 5.4% increase in the Consumer Price Index (CPI) reported in July, can impact your financial plans. During such periods, consider adjusting your withdrawal rates to stretch your savings. Avoid making large medical purchases when inflation is high, as prices may stabilize later.

Consulting a financial planner can also help you navigate these challenges. They can model different inflation scenarios and refine your withdrawal strategy to keep your finances on track.

Emergency Funds and Unexpected Expenses

In addition to your primary retirement budget, set aside a healthcare-specific emergency fund. Jake Falcon, founder and CEO of Falcon Wealth Advisors, explains why this is crucial:

"Retirees often face higher and more unpredictable expenses, such as health care costs and home repairs, without the safety net of a regular paycheck. Having a larger emergency fund provides a buffer to cover these unexpected expenses and helps maintain financial stability during retirement."

Experts suggest retirees aim for a larger emergency fund than working adults. Mamie Wheaton of LearnLux recommends:

"I would generally recommend around 12 months of liquid expenses on hand for retirees or someone who is just about to go into retirement."

Jason Fannon, CFP and senior partner at Cornerstone Financial Services, offers a practical approach:

"keeping one year's worth of living expenses in a purchased money fund. This allows the retiree to cover unexpected expenses without incurring debt or disrupting investments."

When deciding how much to set aside, take your health and family medical history into account. If you have chronic conditions or a history of costly medical issues, aim for a larger fund.

Keep your emergency fund accessible but also earning some return. Options like money market accounts, high-yield savings accounts, or short-term CDs can provide liquidity while generating interest. For example, the Schwab U.S. Treasury Money Fund offers nearly 4% returns and can be accessed within one business day.

Before dipping into your emergency fund, explore other options like insurance coverage, payment plans, or deferred payments. Clearly define what qualifies as a true emergency versus a poorly planned expense. Once used, replenish your fund gradually through monthly budgeting or asset liquidation. Regularly review your emergency fund to ensure it aligns with your current health and financial needs.

To streamline the process, tools like Maybe Finance can help you track both scheduled healthcare expenses and emergency funds. By creating separate categories for regular costs, insurance premiums, and emergency medical funds, you can monitor your spending in real time and stay on top of your financial goals.

Monitoring and Refining Your Healthcare Budget Over Time

A healthcare budget only works if you keep a close eye on your spending and make adjustments when needed. Regular monitoring is crucial, especially since healthcare costs often rise faster than inflation - sometimes at rates 1.5 to 2 times higher. Staying on top of these changes can help you maintain financial stability in retirement.

Tracking Actual vs. Projected Spending

Keeping tabs on your monthly healthcare expenses is one of the best ways to avoid budget surprises. Compare your actual spending to your original budget regularly. Start by categorizing your expenses into the same groups you used when creating your budget - like insurance premiums, prescriptions, routine care, and unexpected medical bills. Document both the amount and how often you spend in each category. For example, if you budgeted $200 a month for prescriptions but consistently spend $280, it’s time to revise your budget.

Look for patterns in your spending. For instance, prescription costs often spike in January when deductibles reset, or you might find yourself spending more on healthcare during the winter months. Recognizing these trends can help you plan more accurately for future expenses.

It’s also smart to keep extra cash on hand, based on your actual spending rather than your initial estimates. If you notice your costs are consistently 20% higher than anticipated, consider increasing your liquid reserves to cover the difference.

Another factor to watch is how your modified gross income affects Medicare premiums. Medicare costs can vary significantly based on your income and may change unexpectedly. If your income decreases, you can contact the Social Security Administration to request a review of your current income. This could potentially lower or eliminate any Income-Related Monthly Adjustment Amount (IRMAA) surcharge on your Medicare premiums.

Staying Informed on Policy Changes

Tracking your expenses is only part of the equation - staying updated on healthcare policy changes is just as important. Medicare policies and healthcare legislation often change, and these updates can directly impact your coverage and costs. To stay prepared, review Medicare updates annually during the open enrollment period, which runs from October 15 to December 7. Compare the premiums and out-of-pocket costs of different plans, as they can vary significantly from year to year.

Sign up for official Medicare updates and alerts to stay informed. The Medicare.gov website is a reliable resource for annual updates on premiums and coverage changes.

"Health care becomes a higher proportion of your budget at the same time you have less income you're living on."

• Sri Reddy, Senior Vice President of Retirement and Income Solutions at Principal®

This underscores why staying informed about policy changes is essential for managing your finances effectively.

Using Maybe Finance for Ongoing Budget Management

Technology can make managing your healthcare budget much easier. Maybe Finance offers tools to track your spending and provides insights to help you refine your budget over time.

By linking your HSAs, insurance accounts, and checking accounts, Maybe Finance can automatically track your healthcare transactions. This eliminates the need for manual data entry and gives you a clear picture of your spending.

Create customized categories for your healthcare expenses, such as insurance premiums, prescriptions, routine care, and emergencies. This breakdown makes it easier to see where your money is going and identify areas where you’re overspending.

The platform’s AI-powered insights can reveal spending trends you might not notice on your own. For example, it could show that your prescription costs spike every January or that you spend more on healthcare during certain months. These insights allow you to make more accurate projections and adjust your budget as needed.

Maybe Finance also helps you compare actual spending to your budget, highlighting consistent overages that may need attention. It can even track how inflation is impacting your healthcare costs over time, offering a clearer view of rising expenses.

Set up notifications and reminders for insurance renewals, premium payments, and budget reviews to avoid missing important deadlines. The platform can also alert you when you’re nearing your budget limits in specific categories, helping you stay on track.

If you’re considering medical tourism or living in multiple countries during retirement, Maybe Finance’s multi-currency support can help. It allows you to track healthcare expenses in different currencies and provides an overall view of your global spending.

With tools to model various scenarios, Maybe Finance makes it easy to see how changes in healthcare costs could affect your retirement finances. By centralizing all your financial data in one place, regular budget reviews become more straightforward, helping you stay aligned with your long-term financial goals.

Conclusion: Securing Your Financial Future with a Healthcare Budget

Planning a healthcare budget is not just a good idea - it’s essential for safeguarding your financial future in retirement. Healthcare costs can take up a large portion of your retirement savings. In fact, the average couple may need $295,000 solely for healthcare expenses, and that doesn’t even include long-term care.

Healthcare costs tend to rise faster than general inflation, making early preparation crucial. For example, if you’re budgeting $5,000 annually for healthcare today, that number could climb to over $8,000 in just 12 years. That’s why it’s so important to start planning now.

To stay ahead of these rising costs, take advantage of tax-friendly savings options. Health Savings Accounts (HSAs) are particularly effective, offering triple tax benefits: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. In 2025, the contribution limits are set at $4,300 for individuals and $8,550 for families. These accounts are especially useful in retirement, as they can help cover Medicare premiums and other healthcare-related costs.

Digital tools can also play a big role in managing your healthcare budget. Platforms like Maybe Finance allow you to track healthcare-related expenses, including HSA contributions and insurance premiums, all in one place. With features like AI-powered insights and multi-currency support, these tools can help you identify spending trends and make adjustments as needed.

The stakes are high: 22% of retirees carry medical debt, often due to unexpected expenses, and nearly 70% of people over 65 will need some form of long-term care. But with thoughtful planning, consistent contributions to savings accounts, and the use of financial tools, you can avoid falling into these statistics. Start by tracking your healthcare spending over 12 months to establish a baseline, maximize your HSA contributions, and regularly review your financial plan to ensure it stays on course.

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