We’re in our 60s, retired, have $70,000 in savings and Social Security of about $3,780/month. But high health care costs eat into our budget — how can we survive at least 20 more years?

How to cut costs and cover your medical care

The best way to preserve your nest egg is to do what you can to lower medical care costs so you can use your Social Security benefits and limited savings to pay for other necessities.

MedlinePlus suggests some of the following ways to do that:

• Shopping carefully for a Medicare Advantage or Medigap plan to reduce out-of-pocket costs associated with traditional Medicare. While you must pay premiums for these plans, it can be cheaper to buy them than to pay for all coinsurance costs and things Medicare doesn't cover.
• Asking your care provider to switch to generic medicines to keep costs down.
• Getting routine health care screenings and focusing on preventative care to prevent small health problems from turning into major health issues.
• Seeking charity care at non-profit hospitals.
• Looking into financial assistance programs that help seniors cover medical and food costs and arrange transportation to doctor visits.

If you are unable to reduce your costs, you can also look at ways to increase your retirement income or cut other spending. For example, you could work part-time to bring in extra income, downsize your home and invest any extra funds you get out of your equity, or move to an area with a lower cost of living so you have more money to devote to medical care.

By taking these steps, hopefully you can shore up your financial security and make retirement work financially for you — even despite the fact that you don't have a huge amount of savings to start with.