{"id":20477,"date":"2025-09-11T02:44:00","date_gmt":"2025-09-11T08:44:00","guid":{"rendered":"https:\/\/www.discover.com\/online-banking\/banking-topics\/?p=20477"},"modified":"2026-02-02T11:51:32","modified_gmt":"2026-02-02T17:51:32","slug":"healthcare-in-retirement","status":"publish","type":"post","link":"https:\/\/bbstage.mcdpartners.dev\/online-banking\/banking-topics\/healthcare-in-retirement\/","title":{"rendered":"Healthcare in retirement: Costs, concerns, and solutions"},"content":{"rendered":"\n

For many people approaching or even thinking about retirement, paying for healthcare is the single most pressing financial concern, according to a joint study from eHealth and Retirabl<\/a>e<\/a>. Mysteries abound, including how much it will cost. And for those who plan to retire early, before Medicare eligibility at age 65, the questions only multiply.<\/p>\n\n\n\n

To help navigate the uncertainty, we spoke to wealth advisor Dennis Norwood, CFP\u00ae<\/sup>, as well as David Champion and Chris Mamula, CFP\u00ae<\/sup>, two early retirees and contributors to a personal finance blog.<\/p>\n\n\n\n

\u201cThere\u2019s not a whole lot you can be certain of, but you can shift things in your favor,\u201d Mamula says.<\/p>\n\n\n\n

Those favorable shifts aren\u2019t possible without careful retirement planning<\/a>. We\u2019ll examine some strategies\u2014but first, let\u2019s look at the data.<\/p>\n\n\n\n

Healthcare costs and concerns, by the numbers<\/h2>\n\n\n\n

Americans aren\u2019t just living longer than ever\u2014they\u2019re looking forward to it. The majority of Americans want to live to 100, according to research from Corebridge Financial<\/a>. The idea of working longer, however, isn\u2019t met with the same enthusiasm. Expectations for early retirement\u2014between age 50 and 61\u2014increase with each succeeding generation, per the same Corebridge report.<\/p>\n\n\n\n

With more and more Americans hoping for potentially four decades in retirement, many of them are stuck wondering how they\u2019ll be able to afford it<\/a>. Healthcare costs are the top financial concern for people between the ages of 60 and 70, according to the eHealth\/Retirable surve<\/a>y<\/a>. But most aren\u2019t prepared: Only 33% of current retirees and 38% of those not yet retired had set aside funds exclusively for healthcare expenses in retirement.<\/p>\n\n\n\n

Anxiety around paying for healthcare in retirement isn\u2019t unwarranted. According to the Bureau of Labor Statistics<\/a>, the average annual spend on healthcare for a couple 65 and older is more than $15,000.<\/p>\n\n\n\n

Ways to pay for healthcare expenses in retirement<\/h2>\n\n\n\n

Let\u2019s take a closer look at some of the most common approaches to healthcare coverage in retirement, so you can budget accordingly<\/a>.<\/p>\n\n\n\n

Relying on Medicare<\/h3>\n\n\n\n

Most people become eligible for Medicare when they turn 65. If you aren\u2019t covered by another healthcare option (such as from an employer) and fail to sign up during the six-month initial Medicare enrollment period, you may face penalties<\/a> in the form of increased premiums.   <\/p>\n\n\n\n

Basic coverage, according to Medicare.gov<\/a>, consists of Part A (hospital insurance) and Part B (medical insurance). Per the Social Security Administration<\/a>, part A is free if you were part of the workforce and paid Medicare taxes for at least 10 years. For Part B, most people will pay a monthly premium that\u2019s calculated based on their income.<\/p>\n\n\n\n

\"A<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Basic Medicare\u2014Parts A and B\u2014typically covers:<\/p>\n\n\n\n