If you are nearing retirement, you may be thinking a lot about the costs you will have when you are not working. Healthcare is one major cost once people stop working because often their jobs have provided it. Hearing-related costs are one part of the medical expenses you may not have factored in.
United States cost of living estimates show for two people that retire this year, medical expenses may total about $400,000 throughout the course of retirement. Out-of-pocket expenses make up approximately 4% of those estimated costs, with the remainder typically paid by Medicare or insurance.
Of course, your costs may be more or less based on location and your individual needs. Regardless of the situation, healthcare costs will be a significant expense in retirement. Not cover all medical needs will be covered, and some important options, like hearing devices, may not be covered at all.
If you are still working, it is a great idea to begin planning for the costs of retirement now. Look into setting up a flexible spending account, which you can use to cover the cost of health-related things using pre-tax dollars. Since hearing aids are not covered by most healthcare plans or Medicare, using your FSA dollars for this out-of-pocket cost is a great idea. You may be able to stretch your FSA dollars even further if your current company matches your FSA contributions.
If you have already stopped working, you could begin by setting funds aside in a separate account designated for medical and health related costs. A 65-year-old American couple is estimated to need approximately $950 monthly. Your exact costs may be more or less depending on your specific circumstances.
Keeping yourself as healthy as you can will help to prevent disease, and the best way to do that is to eat balanced diet and exercise regularly. Staying healthy can also minimize medical expenses during retirement and allow you to more fully enjoy your older years.
The best way to maintain a balanced diet is to ditch processed and junk food completely. Eating whole foods are the best way to maintain a nice figure, a strong heart, healthy body. Avoiding alcohol and cigarettes as well as getting daily exercise are also important ways to keep your body and your mind healthy for years to come.
Moving your body regularly–even just a walk around the block—increases circulation to your whole body, which even benefits your ears and your hearing! The tiny hair cells in your inner ear help your brain to translate ambient noise into understandable sound. The best way to keep these delicate hair cells functioning is good blood flow—so exercise is key!
Ready for Retirement
Annual hearing screenings are also very important, since hearing damage often increases with age. Regular hearing evaluations are the most effective way to detect early or progressive hearing loss. Once you know the status of your hearing, you and your doctor or audiologist can take steps to prevent more damage. Catching hearing loss early is the best way to slow or halt its progress.
A yearly hearing test is the easiest, most effective way to save a lot of hassle and expense in the long run!
If you suspect hearing loss or damage, make sure to consult your audiologist immediately to assess the situation and slow or halt its progression.
We’re proud to have served Los Gatos, Saratoga, Campbell and the entire Bay Area for more than 40 years. We’re here to provide the right solution for Your Life, Your Style.
You are invited to attend our Listen Up Café!
Listen Up Café, Friday, February 21, 2020 from 10 am -12 pm
Balance Disorders and Hearing Loss
RSVP by calling us at 408.703.0772 to reserve your spot!
We’ll have light refreshments and a Hearing Loss great discussion—see you there!
Los Gatos Audiology – 15899 Los Gatos-Almaden Rd. Suite 8, Los Gatos, CA 95032 (on the corner of National and Los Gatos-Almaden Rd.) www.losgatosaudiology.com