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Planning for Health Care Costs in Retirement
It is estimated that the average couple will need $295,000 to cover medical expenses in retirement, excluding long-term care.1
Where does retiree health care money go?2
Four Things You Should Know about Medicare
This is Your Opportunity
Educate yourself about health care costs and Medicare coverage
Host a seminar or one-on-one meeting for clients and prospects
Establish a plan to help clients prepare for health care costs in retirement
- 1. 2020 Retiree Health Care Cost estimate based on a hypothetical couple retiring in 2020, 65-years-old, with life expectancies that align with the 50% mortality age based on the Society of Actuaries RP-2014 Mortality Table projected with Mortality Improvement Scale MP-2017 as of 2018. 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. The calculation takes into account 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. The 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 2019.
- 3. U.S. Census Bureau, January 2018.
- 4. Medicare.gov, March 2018.
- “Medicare & You 2016,” National Medicare Handbook, U.S. Department of Health and Human Services, Centers for Medicare & Medicaid Services, Baltimore, MD, CMS Production No. 10050, October 2015.