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And unfortunately, unexpected medical expenses are one of the quickest ways to drain yourretirement savings.
As you start or continue preparing for retirement, here are some lesser-known medicalcosts to save for in retirement.
This could be a condition that isnt diagnosed until well into retirement.
Prescriptions could run in the thousands of dollars a month.
The good news is that you could prepare for this.
Start with checking your current coverage options.
Common out-of-web connection costs include facility, ambulance and emergency room services.
The HSA is a popular option for covering medical-related expenses with pre taxed dollars.
Long-term care varies based on where you live and your needs.
According to RetireGuide,nursing home carecosts about $108,405 a year.
In general, long-term care can cost anywhere from about $35,000 to $108,000 a year nationwide.
You might not need this service, but its good to be prepared just in case it comes up.
Dont rely on Medicare.
You definitely want to ensure you have adequate health insurance coverage for your households needs.
You absolutely want to be comfortable paying this maximum amount if needed.
Some policies like Aflac are portable, she said.
That means they can be taken with the employee when they retire or leave the company.
These insurance plans are also available privately.
For those currently on Medicare, there are also supplemental plans.
In particular, Ball suggested getting a cancer policy just in case.
Everyone should have a Cancer policy, she said.
The price never increases.
Prices are so affordable.
Rising Costs
Its all too easy to forget about rising costs.
You could also quite literally just keep a separate bucket of cash for this purpose.
Even if you dont end up needing the cash, it doesnt hurt to have it.
Worst case scenario, youll be overly prepared and better off for it.
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