15 Things You Can Afford on the Average Social Security Check

9 Months of Medicare Part B Insurance

If you have 40 or more quarters of work credit, it means you’ve got Medicare Part A insurance all covered. Part B insurance, on the other hand, is a different matter.

Starting with 2017, you have to pay at least $134 per month for Part B insurance. This covers medical services and supplies, including lab tests, surgeries and wheelchairs. After making the payment for the yearly deductible of $183, you will still have to pay 20 percent of any approved charges for Medicare-covered services.

5 Months of Long-Term Care Insurance

If you are worried about healthcare costs in the future, having a long-term care policy can help you get rid of this stress factor. Based on the policy you choose, your long-term care insurance can cover future healthcare costs such as a nursing home, assisted living, in-home care and home modifications.

For example, a 60-year-old couple in good health can purchase a three-year policy with a $150 maximum daily benefit for approximately $250 a month.