15 Ways to Keep Healthcare Costs Down in Retirement

Healthcare is an expense that's unavoidable. And during retirement, it can be a huge source of financial stress. That's why it's important to do what you can to keep your medical costs down. And if you follow these tips, you might manage to spend less and conserve more of your income.

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Taking good care of your health could help stave off costly medical issues. Once you're retired, you may have more time to exercise and cook nutritious meals -- so commit to doing just that.

Working during retirement could lead to better physical and mental health. It pays to consider holding down a job, even if it's a flexible one you only do a few hours a week.

ALSO READ: 2 Pitfalls of Working in Retirement You Should Know About

Your initial Medicare enrollment window begins three months before the month of your 65th birthday, and it ends three months after that month. Signing up on time will help ensure that you have the coverage you need. Just as importantly, it can help you avoid lifelong surcharges on your Medicare Part B premiums.

While Medicare Parts A and B are universal, you get to choose your own Part D drug plan. Be sure to compare your options carefully so you don't get stuck paying extra for premiums or medications.

ALSO READ: 3 Signs You Need a New Medicare Part D Plan

Medicare Advantage can be a cost-effective alternative to original Medicare. It pays to run the numbers to see if an Advantage plan is right for you, because you might end up spending less for the services you need.

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If you're seeing a new doctor for the first time, make sure that provider is in-network. Failing to do so could mean having your claim for service denied or getting stuck with higher out-of-pocket costs.

If the medications you take have a generic alternative your doctor approves, use them. You might spend a lot less than you would by purchasing name-brand drugs.

You'll often snag a discount if you purchase your medications in 90-day supplies. If there are drugs you take regularly, see which ones are available in bulk.

Medical offices often get free medication samples. If there's a drug you're taking that's expensive, it pays to see if your doctor can share some samples to ease that burden.

Some pharmaceutical companies offer financial assistance to lower-income people who need the medications they produce. It pays to see if you qualify for one of these programs if there's a drug you take that costs a fortune.

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Medicare enrollees are entitled to a number of free preventive care services each year, such as physicals and certain screening tests. Make sure to access that care on an annual basis.

Sometimes, letting a minor health issue linger could make it worse over time -- and more expensive to treat. Medicare has expanded its telehealth services in recent years, so it might be easier than ever to address health concerns as they arise.

The Part D or Medicare Advantage plan you start out with shouldn't necessarily be the plan you keep for life. Your healthcare needs might change over time, and so your coverage should change accordingly. Be sure to assess your options each year during Medicare's fall open enrollment period.

ALSO READ: 5 Things to Know About Medicare Open Enrollment

It's not unheard of for a medical bill to contain an error that results in a higher cost to you. Make sure to check any bill you receive carefully before handing over your payment, and if things don't look right, investigate.

Just because Medicare says it won't pay for a given service doesn't mean you're automatically out of luck. You may have the option to appeal a denied claim and obtain a different outcome.

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Healthcare often takes up a large chunk of retirees' income. If you follow these tips, you might manage to lower your costs -- and free up more money you can use to enjoy your senior years to the fullest.

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