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SPOTLIGHT
Planning for health care costs in retirement
It is estimated that the average couple will need $330,000 to cover medical expenses in retirement, excluding long-term care.1
Where does retiree health care money go?2
Three things you should know about Medicare
Retirement age
U.S. Census Bureau data shows that the average retirement age in the United States is 63, but Medicare doesn't start until age 65.3 You may need to help clients bridge that gap.
Supplemental insurance
Medicare may not cover all (or even most) of retirees’ health care expenses. As a result, many Medicare beneficiaries may need to purchase supplemental insurance.
Significant expenses
Medicare does not cover many significant expenses that clients may face in later years, including long-term nursing home stays.
FLYER
Educate yourself about health care costs and Medicare coverage
Use health care knowledge as a differentiator.
Start a conversation with your clients
How to Tame Health Care Costs When You Retire Flyer
Understand your health care options and prepare for the rising cost of health care in retirement.
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Planning for health care in retirement Presentation
A guide to covering medical expenses.
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Planning for health care in retirement Worksheet
Work with investors to complete this worksheet and prepare for health care costs in retirement.
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Planning for Health Care Invite Flyer
Plan now for health care costs in retirement.
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The 2024 Retiree Health Care Cost estimate is based on a single person retiring in 2024, 65-years-old, with life expectancies that align with Society of Actuaries' RP-2014 Healthy Annuitant rates projected with Mortality Improvements Scale MP-2021 as of 2022. Actual assets needed may be more or less depending on actual health status, area of residence, and longevity. Estimate is net of taxes. The Fidelity Retiree Health Care Cost Estimate assumes individuals do not have employer-provided retiree health care coverage, but do qualify for the federal government’s insurance program, original Medicare. This calculation takes into account Medicare Part B base premiums and cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs, as well as certain services excluded by original Medicare. This estimate does not include other health-related expenses, such as over-the-counter medications, most dental services and long-term care.
2. Fidelity Benefits Consulting, 2024.
3. U.S. Census Bureau, January 2018.
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