Planning for Health Care Costs in Retirement

It is estimated that the average couple will need $315,000 to cover medical expenses in retirement, excluding long-term care.1

Where does retiree health care money go?2

Other medical expenses including: co-payments, co-insurance, and deductibles for doctor and hospital visits Generics, branded drugs, specialty drugs Medicare Part B and Part D premiums: Doctor appointments and hospital visits Where does retiree health care money go? 44% 17% 39%

Four Things You Should Know about Medicare


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.


Although the coverage gap in the Medicare drug benefit known as the “donut hole” has effectively been closed, retirees may still pay up to 65% of prescription drug costs (not including plan premiums) before reaching the catastrophic level of coverage.4


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.


Medicare does not cover many significant expenses that clients may face in later years, including long-term nursing home stays.

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

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