A couple in retirement may need over $400,000 to pay for health care costs throughout retirement.
The cruel reality of life is that the older you get, the more unexpectedly expensive medical care becomes.
The older you get, the more likely medical ailments and diseases will ravage your body.
Yet the typical annual Medicare benefits package is barely $11,600. And you must wait until age 65 at the earliest to take advantage of Medicare.
The best way to prepare for the future costs of health care during retirement is to consider these costs before you retire, especially relative to where you will live out your retirement.
Here are four states with the most affordable health care costs or systems for retirees.
According to a recent study conducted by MedicareGuide, the best state for retirees looking to mitigate health care costs is Minnesota.
Minnesota has the least number of deaths related to heart disease in the country. And Minnesota has the most affordable health insurance premiums for seniors relative to other states.
North Dakota has the lowest prescription drug costs per capita in the country.
Additionally, North Dakota has the least number of physicians who opt out of Medicare. And that means you will be confronted with fewer out-of-pocket costs for medical expenses.
The sunshine state has the greatest number of prescription drug plans (PDPs) which are also known as Medicare Part D plans. You will also pay the lowest out-of-pocket costs for Medicare Advantage coverage in California.
If you want to retire somewhere with beautiful rural landscapes and affordable medical care, you may want to consider Nebraska.
Nebraska has the greatest number of Medicare clinics located in rural areas per capita in the country.