Retirees should be prepared to cover all of their costs from their Social Security and savings. Most people think about expenses like housing, cars, and travel when they predict their future financial needs. But, there's another important expense you cannot overlook: healthcare.

While you may assume Medicare will pay for everything you need, that couldn't be further from the truth. A recent study has shown the out-of-pocket costs of medical care could be far higher than you might imagine.

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Source Fool.com