The cost of health care at retirement may shock some. To give you some ballpark idea of the fees:
Blue Cross has comprehensive plans for those just under 65 at around $1000 per month which is a lot of money for a retiree on a fixed income. If you can pass a medical under writting, (have good health) you can usually cut that figure to $500 per month with a $1000 deductible. But you will have to pay that first $1000 of care.
Once you are over age 65, Medicare Part A (hospital care) is free since you paid into this fund during your working years. The monthly Medicare payments for Part B doctors visits are around a nominal $100. Medicare supplement aka Medigap is private insurance to cover what Medicare part A and B do not. They average about $1500 a year, per person. Medicare Part D drug coverage can run between $50-100 a month. So for a senior couple, the total costs of insurance are around $7000 per year with Medicare Part A being free.
With some planning, you can cut your health insurance by nearly half. Just take some risk with a $1000 deductible, just make sure you are healthy.
