A. Fidelity Investments estimates that the average 65-year old couple retiring now will need about $260,000 to pay out-of-pocket health care costs, including deductibles and Medicare premiums, over the rest of their lives. And this doesn't even include long term care costs.
There are a few options to use to plan for health care costs in retirement time -
1. Use HSA
An HSA offers triple tax advantages, to maximize HSA's benefits, contribute as much as you can to the account and pay current medical bills out of pocket, in this way, the money in HSA will have time to grow.
2. A Hybrid Life Insurance
A hybrid policy combines life insurance and long term care benefits. It's basically a permanent life insurance policy that allows you to spend down the death benefit to pay for long term care should you need it. If you don't need long term care, the money will be paid to your heirs when you die.