Medicare won’t be free

National Council on Aging states that 84% of people 65 and older have at least one chronic disease. Medicare, a program that covers most persons aged 65 or older, includes four related health insurance plans: a hospital insurance plan (called Part A), an outpatient services plan (Part B), and two private plans, Medicare Advantage (Part C) and prescription drug coverage (Part D).

The good news is that Plan A is free for most retired persons. Now, if you need any auxiliary procedures like dental, hearing or vision care, unfortunately, you’ll have to pay quite a lot of money.

On top of that, deductible medical expenses won’t disappear just because you’re retired. This means all chargeable services will require some co-payment costs (deductibles, copays and coinsurance).