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That doesn't include the high cost of long-term care.
Nor does it take into account additional costs you may incur if you decide to take — or are forced into — early retirement before your Medicare kicks in.
Hearing tests are covered by Medicare only when they are medically necessary, such as in the case of severe vertigo or a traumatic injury to the ear, she says.
So what can you do to help cover your health care costs?
That's three times more than non-Medicare households spend.
And for those 80 and older, average health care spending accounts for just under 18 percent of household spending.
Pat Fero, who lives in Sun Prairie, Wis., already knows what that feels like.
A 63-year-old former high school English teacher, Fero has diabetes and severe osteoporosis, for which she takes the prescription drug Forteo.
Veterans who qualify for health benefits can get health care and prescription drugs through the Department of Veterans Affairs, but if they need treatment outside a VA facility, they will need Medicare, according to the Medicare Rights Center.There is no generic version of Forteo, so for the four months she was in the gap in 2012, Fero paid 9 a month for the drug.When she reached her doughnut hole limit, her payments went back to a month.En español l You might think your medical costs will be taken care of once you qualify for Medicare.
But you'll quickly find that you're still paying out of pocket, and probably paying much more than you expected. Fidelity Investments, which has been tracking retiree health care costs for more than a decade, estimates that a 65-year-old couple retiring this year will need 0,000 to cover future medical costs.
In addition to the money needed to cover basic premiums and deductibles and coinsurance, you're also going to be responsible for routine dental care, routine eye care and hearing aids and the exams for fitting them, because Medicare doesn't pay for those.