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Medical prices have been growing faster than overall inflation for decades, Winegarden said.
The inflation did create extreme affordability problems for families, which can heighten the problems of healthcare costs.
After paying for food and utilities, there is just less income available to cover unexpected medical expenses.
Here are four ways to plan for healthcare costsin an inflationary economy.
Understand Your Healthcare Coverage
Review yourcurrent health insurance policyin detail to stay ahead of the curve.
Rising healthcare costs can also lead to increased premiums, higher deductibles and higher out-of-pocket expenses.
check that you know what your plan covers and identify any gaps in coverage.
Budget for Increased Costs
Review youraverage healthcare spendingand round it up to account for inflation.
Remember to plan for the unexpected.
The single biggest expense in retirement is healthcare, said Paul Tyler, host of That Annuity Show podcast.
Unexpected expenses related to poor health habits can lead to surprise expenses and even bankruptcy in later retirement.
The U.S. Medicare system tends to be affordable for most of the people I talk with, Chadd said.
There are certain things that are not covered, like superior lens for cataract surgery.
But, overall, my clients tell me they love Medicare and the coverage.
What is hard to predict is how this system will continue to evolve over time.
Shop Around for Medications and Services
Inflation affects prescription drug costs, Winegarden said.
The current pricing system is opaque and can lead to bizarre outcomes.
The price most insurers pay is about one-half of the list price, Winegarden said.
Patients, on the other hand, pay their co-insurance rates off of the inflated list prices.
This means patients costs are inflated while insurance costs are well-controlled.
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