Retirees can manage health care costs in retirement by planning ahead, researching different health care options, utilizing health savings accounts, and considering long-term care insurance.

Some common factors that contribute to rising health care costs for retirees include increased life expectancy, advances in medical technology, rising prescription drug prices, and inflation in the health care industry.

Retirees can save money on prescription medications by using generic drugs when possible, comparing prices at different pharmacies, utilizing prescription discount programs, and discussing lower-cost alternatives with their doctors.

Some strategies for managing long-term care costs in retirement include purchasing long-term care insurance, exploring alternative care options such as home care or assisted living, and creating a financial plan that accounts for potential long-term care expenses.

It is crucial for retirees to budget for unexpected health care costs, as medical emergencies or unforeseen health issues can quickly deplete retirement savings. Having a financial cushion for unexpected expenses can help retirees avoid financial hardship in retirement.