Research from the Employee Benefit Research Institute found that a 65-year-old couple retiring today may need as much as $351,000 to cover medical expenses in retirement. However, a retirement strategist advises against obsessing over this single number and instead focuses on cash flow and yearly healthcare expenses.

When it comes to Medicare coverage, the choice between traditional Medicare, Medicare Advantage, and Medigap policies can significantly impact expenses and protection against unexpected bills. The decision of which plan to choose in retirement deserves careful consideration.

Long-term care is a wildcard in retirement planning, with many unsure of how to pay for potential nursing home care. The long-term care insurance market has challenges, and financial circumstances often dictate whether individuals use Medicaid, self-fund their care, or purchase insurance.

Timing insurance coverage for long-term care is crucial, with the optimal period between 55 and 65 years old. Knowing where you’ll live in retirement can help determine the right long-term care insurance policy, with costs, coverage limits, and benefits needing to be compared before purchasing.

Read more at Yahoo Finance: There’s a smarter way to plan for medical costs in retirement