Along with the rising costs of actually getting healthcare services, your general year-to-year medical expenses will naturally rise as you age and require more attention dedicated to your health. There are also a lot of large medical costs you’ll run into as you move through retirement that many forget about or fail to plan for, such as:
Retirement Homes/Nursing Homes: If you decide one day that you’d like to move into a care facility like a retirement home, you need to realize how much it costs and if you have the budget. The monthly cost of a typical care facility ranges between $1,500-$10,000 a month depending on what type of facility you choose (nursing homes, retirement homes, independent living communities, etc.) and how much medical care you require.
You don’t want a decision like this to come down to money in the future so it’s best to plan ahead with proper healthcare planning.
Additional Medications/Prescriptions: Your typical spending on medications will rise as you age. There are services in place (like Medicare) to help cover the cost of increases in prescriptions, but the average person will still end up paying more for medications during retirement than in your entire life before.