senior patient and doctor
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The COVID-19 pandemic changed the retirement landscape in many ways, and Jacqueline Sergeant at Financial Advisor cites a new report that found it also affected healthcare costs. Jacqueline writes that “seniors spent significantly less on healthcare in 2020” compared to previous years.

While expenses going down are generally a good thing, it’s important to note that in this case, the lowered costs were due to doctors’ appointments either being delayed, canceled, or done virtually because of social distancing and safety practices.

Healthcare Costs Continue to Rise

Now that vaccines are readily available to seniors, the cost of healthcare is expected to go back up.

Even though you may have spent less on healthcare in 2020 because of COVID-19, the majority of couples in retirement spend an estimated $295,000 on healthcare.

This is just one of the reasons we’re working hard at Council of Seniors, urging Congress to pass The SAVE Benefits Act, which will give seniors back $581 in benefits. That money should’ve already been paid to you as part of the annual Social Security cost of living adjustment (COLA), especially considering you spent so many years paying into the Social Security Trust Fund.

If you’d like to help us get one step closer to hopefully getting this bill passed, you can do so by signing our petition. We’d love to have your support.

Did your healthcare costs drop in 2020 because of COVID-19? Let us know in the comments.

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