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Robert Powell:No doubt you've read about how much you'll need to pay for health care in retirement. One study, for instance, says a 65-year old couple would need $285,000 set aside to pay for health care in retirement.
Are you frightened by that number? Well, fear not. In a recent article in Retirement Daily, adviser Ken Waltzer shared his tips to lessen the fear that comes with thinking about health care cost in retirement.
Tip one: Make sure you have the right insurance. Medicare covers the basics, but make sure you purchase Part B as soon as you are eligible at age 65 to avoid the 10% late enrollment penalty for every year you delay.
Tip two: To fill in Medicare's coverage gaps, you have two options: either purchase a Medicare supplement plan or Medigap plan and Part D medication coverage or enroll in Part C, Medicare Advantage plan, to cover excess expenses.
If you choose your plans wisely, you should have minimal gaps in coverage, and even a major illness isn't likely to break the bank.
Tip three: Evaluate how you'll pay for long-term care should that need arise. longtermcare.acl.gov is a good website to learn more.
Tip four: If you need help making sense of Medicare plans, Medigap insurance and long-term care insurance, consider working with a good health insurance broker or contact your State's Health Insurance Assistance Program, or SHIP. SHIP is a national program that offers one-on-one counseling and assistance to people with Medicare and their families. Their website https://www.shiptacenter.org/ is run by the SHIP National Technical Assistance Center.
Follow these four tips and you won't have to worry as much about being able to pay for health care costs in retirement. Want to learn more about dealing with your fears about retirement? Check out the retirement section of thestreet.comand don't forget to subscribe to Retirement Daily, which features in depth articles about retirement written by some of the nation's top financial planners.

No doubt you've read about how much you'll need to pay for health care in retirement. One study, for instance, says a 65-year old couple would need $285,000 set aside to pay for healthcare in retirement.


Are you frightened by that number? Well, fear not. In a recent article in Retirement Daily, adviser Ken Waltzer shared his tips to lessen the fear that comes with thinking about healthcare cost in retirement.


Tip one: Make sure you have the right insurance. Medicare covers the basics, but make sure you purchase Part B as soon as you are eligible at age 65 to avoid the 10% late enrollment penalty for every year you delay.

Watch the video above to learn about other tips.

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