Already Retired or Close to It? Here’s a List of Costly Risks You Should Know

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#2 Healthcare and Housing Risks—Unexpected Medical Bills

Unexpected medical costs are a really big concern for the vast majority of retirees. Prescription drugs are a huge problem too, especially if you have a chronic illness such as Alzheimer disease and dementia, arthritis or COPD.

Age is not just a number when referring to healthcare needs for the elderly. In general, older people need frequent treatments for different health related problems and medicare is the main source of coverage for health care services for the vast majority of retirees, because private health insurance services can be costly.

The SOA says that healthcare costs can be mitigated to some extent by committing to a healthy lifestyle that includes eating right, exercising on a regular basis, and using preventive care. In addition, long-term care insurance can pay for the cost of caring for disabled seniors.

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