Does Your Retirement Plan Include Your Hearing Health?

Picture of couple on the beach

When you save for retirement, it is vital to include the costs of your future health care, including costs related to hearing loss. Leaving out this crucial part of your plan could lead to hard financial decisions down the road and have an adverse effect on your quality of life.

Why you need to save for your hearing health

Almost 25 percent of people report hearing difficulties by the ages of 65 to 74, and a staggering 50 percent of people have hearing loss at ages 75 and older.

That’s staggering when you consider that not all hearing services or hearing aids are covered for these individuals.  This is much of the reason why less than 30 percent of adults ages 70 and older who would benefit from hearing aids use them.

Not wearing hearing aids when you need them means missing conversations and potentially dealing with serious health conditions such as dementia and depression that are related to hearing loss. People who include the costs of hearing aids and other hearing-related health costs in their retirement savings can breathe a little easier knowing that the money is there if needed to maintain their quality of life.

Ways you can save

The average couple at age 65 will spend close to $300,000 during their retirement on healthcare, and this amount rises if there are unforeseen problems. One of the ways to save is to set up a Health Savings Account, or HSA. Contributions to these accounts are tax-deductible, as are withdrawals. Talk to your Human Resources contact or financial planner as soon as possible about setting up an HSA, as you cannot make contributions once you are on Medicare. You can, however, use the money you saved at any age. The money you contribute earns interest, so putting it away as soon as possible reaps rewards down the road.

You can also save for hearing health costs by cutting down on expenses in other areas. Shop around to make sure that any add-ons to your insurance policy or Medicare plan are at the best price possible. Do the same when it comes to the costs of prescription drugs. You can use these saved costs to keep your retirement savings at a level that helps you take care of things like exams and hearing aids.

Reduce Your Expected Costs

While some hearing loss is age-related, research shows that there are several things people can do to avoid some of this loss, thus reducing their hearing healthcare costs down the road. Maintaining an overall healthy lifestyle reduces your chances of heart problems that are associated with hearing loss. Quit or cut down on products that contain nicotine, alcohol, or caffeine, as these products can affect your hearing, and try to avoid loud noises. You cannot completely combat the hearing loss and associated expenses that come with age for so many, but you can improve your chances of maintaining a better quality of life in your retirement.

Want more information?

Checkout these related articles

woman stressed working at desk.
Kevin St. Clergy
| May 15, 2024

Is Stress Silently Eroding Your Hearing Health?

Here’s the strange reason that stress causes hearing loss. But it doesn’t have to. Learn about the why and how to stop stress-related hearing loss. […]

Read More… from Is Stress Silently Eroding Your Hearing Health?

couple fighting on sofa.
Kevin St. Clergy
| May 10, 2024

The Hidden Impact of Hearing Loss on Your Marriage

Hearing loss may lead to more marital trouble at home than you realize. […]

Read More… from The Hidden Impact of Hearing Loss on Your Marriage

adult son talking with dad on the sofa.
Kevin St. Clergy
| May 6, 2024

How to Talk to Your Parents About Their Hearing Loss

You don’t have to feel helpless when you have a loved one struggling with hearing loss. […]

Read More… from How to Talk to Your Parents About Their Hearing Loss

Find A Hearing Expert Near You Today

Discover everything you need to know about hearing loss and hearing aids and find top local hearing experts.

Find An Expert