If you aren't planning for increased medical bills during your retirement, you may be in for a rude awakening. The average 65-year-old household will pay $67,260 in out-of-pocket medical expenses during the rest of their lifetimes, according to a study conducted by the Center for Retirement Research at Boston College.

That's what you'll have to pay even after paying your Medicare and any supplemental health insurance premiums. And if you're unfortunate enough to be in the top 10% of medical spenders, you'll have to come up with about $138,000 to cover your medical expenses.

If you plan for it, though, there can be a great way to cover those medical expenses in retirement.

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Source Fool.com