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6 Ways Retirees Can Cut Health-Care Costs

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Medical expenses are likely to be one of your biggest expenses in retirement, and people totally underestimate the cost: Nearly half of the preretirees (ages 55-64) surveyed by Fidelity thought they would need only $50,000 to pay for health care costs in retirement. But Fidelity estimates that the average 65-year-old couple retiring in 2013 will need $220,000 to cover their health care expenses throughout their lifetimes—not counting potential long-term-care costs. The largest portion of that total is from co-payments, deductibles and excluded benefits, followed by the cost of Medicare Part B and Part D premiums and out-of-pocket costs for prescription drugs. Here are six ways to prepare for and reduce health-care expenses.

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