• February 28, 2020
• By admin
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How can seniors save on Healthcare?

The phrase “planning for the future” carries different meanings to different people. For some, planning for retirement means saving up for leisure, while for others, it may mean saving for retirement solvency, that includes long-term costs of health care and prescription drugs.

According to a study by West Health and Gallup, in 2019, 

• Seniors have withdrawn around $22 billion (an average of $3,789) for their health-care expenses from their long-term savings.
• 10% of Americans 65 and older did not get needed treatment because of the cost.
• 7 million seniors couldn’t afford to pay for their medication.
• 45 percent of Americans are afraid to file for bankruptcy protection if faced with a health crisis.
• Americans reported $88 billion borrowings to cover the health-care costs.

Unlike our parents’ generation, we won’t likely have access to employer- or union-sponsored retiree health benefits. For this reason, health care costs will likely eat a larger portion of your retirement budget — and it’s time to plan for that.

But what if those who are very close to retirement or already crossed the limited threshold of a fixed income?

Thankfully, there are a few smart ways of how seniors can save on Healthcare.

• Look for free preventive care – There are many preventive health-care services that are freely available to health plan members. If you have Medicare, get the annual flu shot and all other preventive shots to protect against hepatitis B and pneumococcus. Senior who smoke can also get free stop smoking counseling along with multiple health screenings, including tests to detect breast, colon, and prostate cancer. If screening results in treatment, then you’ll have to pay your share of the tab.

• Pay for prescriptions using cash  – The best deal is to not use your drug coverage for your every prescription, how about reaching for your wallet instead? Why? Because many times, the insurance drug plan requires a copay that is (usually) higher than the cost of paying cash at the pharmacy.

• Take your vitamins on time – Vitamins and minerals are two of the most important nutrients, especially as you age, they are essential to surviving and staying healthy. Here’s the breakdown of how much vitamins you need (on a daily basis) as you get older;

• Address health issues before its too late – Minor health problems welcome major ones; one of the easiest ways for seniors to save money on health-care is to address medical issues early. A bad cough can easily lead to pneumonia, that may end up with a much larger bill than your typical copay under Medicare.

• Exercise daily – Exercise is an integral part of everyone’s everyday health. Experts recommend seniors to be as active as possible if they want to live a longer, healthier life. Exercising daily improves your strength, balance, and helps you stay more independent. More importantly, it delays or prevents diseases, such as diabetes, heart disease, or osteoporosis. Even also improves your overall mood and fights off depression. If you are unsure of where to start, we suggest trying the following items :
• Grow Young Fitness Chair Exercises for Seniors – Better Balance DVD – Simple Safe Effective Balance Workout DVD for Elderly + Two Bonus Stretch Routines
• Balance & Strength Exercises for Seniors: 9 Practices, with Traditional Exercises, Tai Chi, Yoga & Dance Based Movements.
• Absolute Beginners: Cardio and Strength Training Workout for Seniors [Import]

• Buy long-term care insurance – Want to save money on long-term care costs? Invest in insurance in your 50’s or 60’s – the younger you are, the more likely to get approved and snag a health-based discount on your premiums too.

• Protein Intake – Our nutritional needs change as we age, and one of those changes is our protein requirements; why? because, with age, our muscle mass decreases. Decrease in legs can lead to tremors, weakness, and feeling tired and achy, especially when walking. If you think you do not have a protein-rich diet (this means having nuts, cereals, eggs, salmon,cheese, etc.), then the best way to supplement your body with protein shakes.

• Lose Weight – It’s never too late to lose weight, though it’s quite tough when you age. With a couple of lifestyle changes, you can control your calories intake. The best practices are portion control, get moving, and yes, be patient!

Before sharing more handy tips, let me tell you some of the most unexpected health-care expenses that seniors are more prone to

Unexpected Healthcare Expenses

According to experts, there are four healthcare expenses to be mindful when you start to age;

1. Dental care
2. Hearing services
3. Vision Care
4. Long-term care.

Some other money-saving tips for seniors

• Available senior discounts – Be it restaurants, grocery stores, home supply stores, or any other place, many establishments offer discounts to seniors.

• Keep your curtains and blinds drawn – Blocking the sunlight means reducing 45% of the heat coming into your home; white deflecting curtains also help.

• Keep an eye on your bills – Routinely checking your bills for inaccuracies can save a lot of dollars.

• Shop when you’re full – Are you aware? you buy less when you’re full, even in the shopping for the food, this will help you eat better and save on health care if you do binge-eating.

• Turn things off – Turn off all electrical appliances when not in use. Avoid keeping things in ‘standby’ mode.

For more tips on how can seniors save on healthcare, visit seniordiscount.ca