By Katie Brockman – MotleyFool
Health insurance in retirement is widely misunderstood, which can be an expensive problem: 72% of adults over 50 admit they don’t fully understand how Medicare works, the Nationwide Retirement Institute found, and more than half believe that coverage is free. The average retiree spends around $4,300 per year on out-of-pocket health care costs, according to the Center for Retirement Research at Boston College, and that doesn’t include long-term care. Medicare will help cover costs, but coverage is far from free, and there’re still out-of-pocket expenses. Also, routine care – such as dental and vision care – isn’t typically covered under Original Medicare, so beneficiaries must foot the bill for those costs.