$6000 In Out-Of-Pocket Healthcare Expenses in Two Months
Why you must plan for this!
Yes, these were my October and November healthcare costs. And yes, I am lucky enough to have been able to absorb these costs without missing a beat. That said, I believe that this should be a wake-up call for retirees (and younger people) who do not have a meaningful emergency fund.
If you are 65 or older, you are most likely enrolled in Medicare. If you are enrolled in Medicare, you have chosen to enroll in a Medicare Advantage Plan or remain in Original Medicare and purchase a Medicare supplement. Your choice will definitely impact your potential out-of-pocket costs.
My $6000 expense
When most people hear “healthcare costs,” they immediately think of medical expenses. However, healthcare also includes dental costs. I know those of you on an Advantage Plan believe you have these costs covered, but think again.
The majority of my $6000 was medical costs. As some of you may already know, my wife was diagnosed with a rare cancer back in July. For 2024, we were enrolled in a Medicare Advantage Plan, and as a result, $3400 was related to the coinsurance for my wife’s radiation therapy and her hospital copay. It is important to note that only $296 of that $3400 was due to the hospital copay. This…
