Kimberly Lankford: 5 ways to reduce retiree health care costs

1. Build tax-free retirement health care savings- You can’t contribute to a health savings account after you sign up for Medicare you can still use the money you have accumulated in the account
2. Become a better health care shopper- If you have to pay any deductibles or co-payments yourself, you can save a lot of money by shopping for services
3. Cut prescription drug costs- Medicare Part D prescription drug plans help reduce the cost of medications, but you’ll still need to pay for part of the cost in the “doughnut hole” coverage gap
4. Find cheaper ways to fill the Medicare gaps- Most people cover the deductibles, co-payments and other gaps in Medicare with a Medicare supplement policy
5. Have a plan for potential long-term-care costs- One big number the study doesn’t include is the potential cost of long-term care

Source: Kiplinger
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