A typical 65-year-old couple can plan on spending $305,000 out of their own pockets on medical care, according to a report by the Employee Benefit Research institute. The Center for Retirement Research at Boston College, on the other hand, reports that a typical married person who wants to retire at 65 and wants to fund health care will need $200,000 for him and his spouse, while a 43-year-old couple will need $380,000. The numbers may vary, but one can see why retirees need to plan wisely.

Some types of coverage a senior might need include coverage for funeral expenses for a surviving spouse after the death of the other spouse, to maintain an adequate lifestyle for a surviving spouse, which can include paying housing costs and other expenses, to pay for nursing home expenses, if that becomes necessary, and Medigap insurance.

Financial experts give a lot of differing advice on how much life insurance one needs. Some say enough to cover eight to ten years of lost income. Others say that should be 20 years. Others simplify it and say enough for a surviving spouse to carry on as though the deceased person were still alive. How much is needed may also be affected by how much they can afford after deciding on the proper insurance. Regardless, a funeral can cost $10,000 or more, so seniors should have at least that much available in cash or insurance benefits.

A nursing home stay can cost $213 a day and might cost $408 by the year 2030. One can see why some people planning on retiring get long-term care insurance. A policy for a 58-year-old that would provide $150 per day can cost $1,000 a year, but that could be far cheaper than actually attempting to pay the costs of a nursing home stay. Others choose to invest their money instead, because of the high cost of the insurance.

A Medigap policy can provide protection for the things Medicare doesn't pay. Considering the government program pays 80% of various medical expenses, the other 20% could run into thousands of dollars on a medical expense that is tens of thousands of dollars. Various policies listed online show monthly premiums of from $26 to more than $400, but the policies often pay many of the things Medicare does not, sometimes even nursing home care.

Knowing how much insurance is needed as a senior might help a person plan for a happier retirement.