YOGA. MEDITATION. FITNESS CLASSES. Women are more likely to engage in these types of activities than men.¹ They’re also more likely to visit a doctor and keep up with preventive care.² Those are all great ways to stay healthy as you age. But when it comes to health and financial wellness, there’s one more thing women could do: “Save more for future medical costs,” says Nevenka Vrdoljak, managing director in the Chief Investment Office for Merrill and Bank of America Private Bank.

“Women spend much more than men on average for healthcare in retirement, largely because they tend to live longer than men and are more likely to have multiple chronic conditions and require long-term care,” Vrdoljak points out. In fact, women are faced with significantly higher healthcare costs over their lifetimes,³ she adds “That’s why it’s so important for women to carefully plan to cover their present and future medical expenses.”

Watching their mothers deal with medical costs can act as a wake-up call, says Melissa Spickler, a Merrill financial advisor in Bloomfield Hills, Michigan. One of her clients, a teacher in her late 40s with three kids in college and grad school, is helping her ailing 82-year-old mother both financially and as a caregiver. “Seeing the impact of her mother’s illness up close has made her realize the importance of planning for her healthcare costs down the line,” she says. “She doesn’t want to have to rely on her kids to take care of her.”

Spickler helped her client evaluate potential costs by talking with her about her family’s medical history, her own potential life expectancy, the limits of Medicare and other factors. Spickler then presented possible ways to help prepare for the costs. Armed with this information, the client decided to invest a portion of her savings for potential growth to help her cover her healthcare expenses as she ages and transferred some of her funds to more liquid accounts so that she’d be able to manage any possible emergencies more easily.

Working together with your financial advisor, you can estimate your future healthcare costs and develop a strategy for covering them as you grow older. Below are some tips and strategies to consider at various stages of your life.

Make wellness a habit. Be sure to take advantage of any health and wellness programs your employer offers. “When you’re considering job offers, pay special attention to the benefits like maternity and paid family leave,” says Vrdoljak. Being proactive about your health early on can help avoid complicated, costly medical issues later on. Thankfully, the rise of telemedicine means that seeking preventive care, both mental and physical, takes less time out of your busy schedule. At the same time, apps, mobile devices and smartwatches can help prompt you to stay fit. And the growth of women-focused boutique medical practices that use a holistic approach encompassing reproductive, whole-body, nutritional and mental health could help as you build a personalized wellness plan.

Consider funding a health savings account (HSA). If you sign up for a qualified high-deductible insurance plan, you are eligible to save a certain amount each year for your healthcare costs in an HSA. Funds that aren’t used right away have tax-free growth potential and can be used for qualified medical expenses anytime in the future. “Funding an HSA is a great way to start saving for future healthcare costs now when you’re young and healthy,” says Spickler. A study from HealthView Services estimated that a healthy woman would likely spend $200,000 more on health insurance premiums in retirement than a healthy man.⁴ Contributing an additional $5,800 annually for 20 years to an investment account, assuming an average annual return of 5%, could potentially cover the gap. Keep in mind that investing involves risk, including the possible loss of principal.

Keep saving — even during years away from work. Many women take time off to take care of children, which can have an impact on their retirement savings and Social Security payments down the line. “If your spouse is working, having them contribute to a spousal IRA could help you continue to build up retirement savings during periods spent at home,” says Vrdoljak. “It’s also important to consider whether you have sufficient life and disability income insurance,” she adds.

Explore caregiving resources. If you’re taking primary responsibility or helping care for an elderly loved one, be aware of the impact that could have on your own well-being. Nearly a quarter of caregivers say caregiving has made their own health worse, according to AARP and the National Alliance for Caregiving.⁵ Familiarize yourself with any counseling and stress reduction benefits your employer or insurance coverage offers.

Consider your own long-term care needs. Long-term care insurance premiums generally begin to rise as you grow older. “When you’re in your 40s, 50s or even early 60s, they may still be affordable, and you are more likely to be healthy enough to qualify for coverage,” says Spickler. But there are other options to consider as well. Talk with your advisor about a range of ways you might prepare for long-term care costs.

Take advantage of catch-up contributions. The more you have saved for retirement, the better prepared you could be for future healthcare costs. So now’s a good time to consider increasing your contributions. Starting at age 50, you can contribute an additional catch-up amount to many retirement accounts. For this year’s contribution limits, see our annual federal limits related to tax and financial planning guide.

Keep your fitness routine going. Research has shown that engaging in physical exercise as you age can help keep your body and your mind in optimal shape, reducing health problems — and expenses — both in the present and down the road.⁶

Review your asset allocations. Set up time to talk with your advisor about your retirement readiness, including your ability to manage future healthcare costs. Will you have enough cash on hand for medical emergencies? Do you have income-producing investments earmarked for healthcare costs? “Because women tend to live longer, they should also consider investing for growth,” says Spickler. Now is not too late to consider doing that, she adds. “Aim for returns that can help provide a comfortable retirement for decades.”

Think beyond Medicare. Although Medicare helps handle many costs, it doesn’t cover everything. You’re still responsible for premiums and copays, and long-term care, vision and most dental care generally are not included under traditional Medicare.

Medical advances have given all of us extra time to do the things we love with the people we love, notes Spickler. But those advances — and extra years — may come with a higher price tag, especially for women. “Taking these simple, proactive steps is just another way to help stay physically and financially fit.”