Medical costs for retirees reach four year high - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Medical costs for retirees reach four year high

(Source: KFVS 12) (Source: KFVS 12)

A new report shows men and women are spending more than ever before on health care after they retire.

An analysis conducted by Fidelity Investments shows men and women retiring at the age of 65 will on average need $130,000 to cover their health care costs.

That figure is up 6 percent from last year and the highest since the company began tracking costs in 2012.

Health care experts say the rise in prescription drug costs and insurance premiums are partially responsible for the increase.

Jackie Dover, information director at Aging Matters in Cape Girardeau, says it's important for seniors to find someone they trust to help them navigate the Medicare.

"You just want to make sure you're making the right decisions at the right time," she said, "Because delaying Medicare parts can cost you more money later down the road, there's penalties potentially. So if you have questions make sure you're contacting people who know what they're doing who can help you make those best decisions."

Dover says shopping around for the best plan and reviewing your plan annually could cut down on cost.

Open enrollment for Medicare Part D for seniors begins Oct. 15 and closes Dec. 7.

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