Saving on Health Costs in Retirement

Many newly retired people are spending more money on health care than they originally planned, so if you're trying to save some money, and are in that position, we checked in with Elena McFann, Central Region CEO of United Healthcare, Medicare and Retirement. 

Joe Murano, KOLR10 News:  "Why is it that folks that are newly retired are spending so much money?"

"One of the main reasons why folks are finding they're spending more money are that many times, they haven't closely examined their Medicare options, because there are so many myths," McFann says. 

"It comes down to a matter of making sure you see all those possible options out there. When you're trying to save, what should one be looking after?", Murano asks.

When you're trying to save money on your Medicare coverage, the first thing that we remind people to keep in mind is that original Medicare does not have any out of pocket cap. So for physician visits, or outpatient care, while Medicare will cover 80% of those costs, you will be on the hook for 20% of those costs. 
"If you go to the doctor, and it costs $1,500, you will have to pay $300 out of your own pocket, and if you become seriously ill and have a lengthy hospitalization, you will have to pay thousands of dollars out of your own pocket."

Murano asks "A lot of folks in retirement do travel more. How could this affect your health care coverage if something were to happen to you while traveling?"

"If you cover, and are under original Medicare, you can visit any physician who accepts Medicare coverage, and get the care you need," says McFann.  "However, if you're under a Medicare advantage plan, spend time researching whether that plan offers you nationwide access. That way you have the flexibility to go wherever you want and still look after your own care."

Elena McFann, thank you for joining us this morning!

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