If you are nearing retirement age, you may have health care and other costs on your mind. Healthcare costs are always significant, and the hearing-related portion of those costs factor in as well. According to recent estimates for cost-of-living in the United States, a couple that retires this year can expect about $400,000 in medical costs throughout retirement, according. About 4% of those healthcare-related expenses are out-of-pocket, and the majority will be covered by Medicare or insurance.
Of course, your specific location and state of health will affect these costs, so they may vary from person to person. Whatever your situation, healthcare costs will definitely be part of your budget. Mortgage, rent and other living expenses usually top the list of expenses, with medical and healthcare costs often coming in second place. Insurance and even Medicare won’t cover all of your medical costs, and things like hearing aids are out-of-pocket expenses in Medicare.
Retirement Preparation
Fortunately, there are things you can do to prepare for these costs of retirement while you are still working. A Flexible Spending Account (or FSA) that is set up while you are still at your job, can be used to purchase your healthcare needs for the following year using pre-tax dollars. This is a great time to buy items like hearing aids, which will not be covered by Medicare after retirement. Many businesses even match employee contributions to FSA accounts, which is like free healthcare spending money!
Even if you have already retired, try to make budgeting easier by putting money aside in a separate account. That way you will have money ready when you need them for healthcare expenses. An average healthcare expenditure for a 65 year-old couple in the U.S. is currently about $950 per month, and these costs can go up as the couple ages and encounters more health difficulties.
Prevention!
If you take preventative action with regards to your health and try to stay as healthy as you can by regularly exercising and eating well, that can be a great way to meaningfully reduce medical expenses during retirement. As you can imagine, you are less likely to need medical care if you are healthy. That means taking your overall health into consideration is not only good for your well-being, but it can be good for your wallet as well!
Real, unprocessed, whole foods give you the best chance of maintaining a small waistline and a healthy weight. Exercising often and not smoking are also vital to overall health and will keep your mind in tip-top shape as well.
Moving regularly—even just walking around the block every day–will improve blood flow to every organ of your body, even your ears! The delicate hair cells of the inner ear canal help your brain to translate the noises your ears take in into sound that is understandable. Blood flow to those tiny hair cells in your ears is vital for good hearing and getting exercise every day keeps that blood moving!
Protecting Your Hearing Health Too!
You have probably been looking forward to retirement for a few years, because it gives you more down time to relax and do things that are important to you. Just remember that if you are in a very noisy environment, to always wear appropriate ear protection such as ear plugs. You want to be able to enjoy those lovely concerts and fireworks shows for years to come!
Hearing Health and Retirement
As we age, most of us experience some degree of hearing loss. With that in mind, don’t forget to keep your yearly hearing screenings to catch hearing loss early. If you do that, you can usually stop hearing loss and avert future impairment using hearing aids or other interventions.
Hearing loss, especially in seniors, can often result in other issues such as anxiety, dementia, and depression. Because hearing loss is irreversible, and it can get worse if left untreated, it is important to catch any hearing loss at the earliest point possible.
Fortunately for you, a yearly hearing exam is quick, painless, and can save you a lot of trouble in the long run!
You can be pro-active by making a commitment to your overall health by eating well and getting regular exercise, as well as scheduling and keeping your annual hearing screenings.
If you think you could have hearing loss, no matter what the cause, be sure to visit your audiologist immediately to prevent further damage. You may find a resolution that can inhibit or stop the development of hearing damage.
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