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Healthcare in retirement may cost more than you think. According to a recent study [download] *, a 65-year-old couple retiring in 2019 can expect to spend $285,000 in healthcare and medical expenses (including premiums and out-of-pocket costs) throughout retirement. That’s why we think your retirement plan should include a strategy to determine what Medicare options you’ll need to help manage your healthcare expenses.

Original Medicare, Medicare Advantage and Medigap: What Plan isRight for you?

There are a lot of options to help you manage your healthcare expense in retirement. Should you select Original Medicare or go with a Medicare Advantage Plan? If you choose Original Medicare, do you also need Medigap insurance?

We think understanding the difference between Medicare plans is an important factor to help determine what options are right for you. offers this explanation: OriginalMedicare includes Hospital (Part A) and Medical (Part B) insurance. If you want drug coverage, you can add a separate drug plan (Part D). You can also add a MedicareSupplement Insurance (Medigap) policy to help pay your out-of-pocket costs.

A Medicare Advantage Plan is an alternative to Original Medicare. These “bundled”insurance plans include Part A, Part B, and usually Part D. Most plans offer extra benefits—like vision, hearing, dental, and more. The website also has a helpful MedicarePlan Finder tool .

Once you understand the options available to you, we suggest you:

  • Compare costs
  • Look at networks and providers
  • Consider added benefits, such as vision, dental, and hearing care

To make an informed decision regarding your healthcare needs in retirement, it may be helpful for you discuss your Medicare options with a credentialed Retirement Planner. We can help! Retirement Planners of America offers free, no-obligation consultations to discuss our customized Medicare planning services designed to help you navigate the Medicare maze and choose a plan that meets your needs.