Recent statistics show that almost half of American workers report total savings and investments of less and $25,000 -- not including their primary residences or any defined benefit plans, or pension plans, said Paul Boulis, president of the Blue Cross and Blue Shield of Illinois.

Many believe they will be able to rely on coverage from Medicare and their employers during their golden years. However, this may not be the case, as the number of businesses offering retiree health benefits is steadily declining and the financial pressure on Medicare is increasing.

To help plan for retirement healthcare, Boulis suggests:

-- Many people use Health Spending Accounts to pay short-term healthcare expenses rather than as a savings vehicle, but HSAs also fit within the broader scope of funding for care during retirement.

-- The Employee Benefits Research Institute study says only 32 percent of workers believe they will not have enough money to cover health expenses and 44 percent believe they will not be able to cover long-term care. Long-term care insurance can help addresses this concern.