In retirement, when it comes to your health coverage there is only Medicare.
Medicare, which is broken into parts, with each part specifically covering certain types of healthcare, is, unfortunately, not exactly free.
Though, Medicare Part A is considered to be premium free the other parts of Medicare, Parts B and D as well as a Supplemental Plan, do have costs.
The costs vary by age, gender as well as income for certain types of coverage, but the greatest factor in determining how much your health coverage will cost in retirement is residency.
Here is a breakdown of the top 10 cheapest and most expensive States to reside in.
For those who are 65 the top 10 least expensive States to reside in when it comes to health coverage are:
|1. New Mexico||6. Iowa|
|2. Montana||7. Kentucky|
|3. Alaska||8. Tennessee|
|4. South Carolina||9. North Carolina|
|5. North Dakota||10, Virginia|
The top 10 most expensive States to reside in at age 65 when it comes to your health coverage are:
|1. Minnesota||6. Missouri|
|2. Connecticut||7. Washington|
|3. New York||8. New Hampshire|
|4. Maine||9. Idaho|
|5. Florida||10. Massachusetts|
Costs, again, vary by age!
At age 75 the 10 cheapest States to reside in when it comes to health coverage are:
|1. Vermont||6. Kentucky|
|2. New Mexico||7. Iowa|
|3. Massachusetts||8. Alaska|
|4. Arkansas||9. Virginia|
|5. Montana||10. North Dakota|
At age 75 the top 10 most expensive States to reside in when it comes to health coverage:
|1. Minnesota||6. New Hampshire|
|2. Connecticut||7. Nevada|
|3. New York||8. California|
|4. Florida||9. Maryland|
|5. Missouri||10. New Jersey|
At age 85 the top 10 cheapest States to reside in when it comes to health coverage are:
|1. Vermont||6. Alaska|
|2. Massachusetts||7. New Mexico|
|3. Arkansas||8. Montana|
|4. Washington||9. Hawaii|
|5. Maine||10. Wyoming|
While the most expensive States at age 85 to reside in when your health is on the line are:
|1. Minnesota||6. Kansas|
|2. Missouri||7. California|
|3. Florida||8. New Jersey|
|4. Nevada||9. Pennsylvania|
|5. Maryland||10. New Hampshire|
Please note that these costs include coverage through Original Medicare, Part D (prescription drugs) and a Medigap Plan F policy (Supplemental).
Medigap Plan F premiums are based on blended averages for both 65-year-old females and males, Also, they are blended to include both the costs of of smokers and non-smokers.
Medigap Plan F premiums may be lower for those who are considered to be healthier than average and it is strongly recommended that counsel be sought from a healthcare professional as premiums for coverage do vary.
Furthermore, costs may be greater for those who are taking prescription medications (Part D) on a daily basis.
In conclusion, health costs vary by many factors with where you live being one of the biggest, the time to start planning to control these costs is now.