Rx for a healthy retirement: Watch medical costs

Personal Finance

Reducing your medical expenses to free up cash for other goals may be easier said than done. The high costs of protecting your health makes that a challenge, said Eliot Fishman, senior director of health policy at Families USA.

“Medical expenses are historically the greatest reason for bankruptcies,” Fishman said.

Start by asking more questions at the doctor’s office.

“Consumers need to learn how to be empowered patients,” said certified financial planner Carolyn McClanahan, director of financial planning at Life Planning Partners.

When your doctor orders a test, always ask if the test is necessary, and if it’s the most cost-effective option, said McClanahan, who is a certified financial planner and an M.D.

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