Even for seniors on Medicare, out-of-pocket medical costs are becoming increasingly difficult to manage. During the last five years of life, most seniors pay an average of $39,000 for out-of-pocket medical costs. This figure soars to $101,791 for those seniors with the highest medical expenditures. Even for an average, relatively healthy 65-year-old couple, Boston College’s Center for Retirement Research reports that out-of-pocket expenses will still total $197,000. With such high costs, how can the average person afford long-term care?
Joshua Greenberg, Chairman and President of HealthCPA, offers some tips to reduce out-of-pocket expenses. First, look for in-network providers. By billing you at a reduced rate, in-network providers can save you a lot of money.