Health care expenses are going up.
Medicare will cost more than you think.
How much will you need after you retire?
For Your Health Care?
by C. J. Burton
You might think your medical costs will be taken care of once you qualify for Medicare. But you’ll quickly find that
you’re still paying out of pocket, and probably paying much more than you expected. Fidelity Investments, which has been tracking retiree health care costs for more than a
decade, estimates that a 65-year-old couple
retiring this year will need $240,000 to cover future medical costs.
That doesn’t include the
high cost of long-term
care. Nor does it take
into account additional costs you may incur
if you decide to take—or are forced into—early
retirement before your Medicare kicks in.
Fidelity’s estimated $240,000 includes the
cost of deductibles and copayments, premiums for optional coverage for doctor visits and prescription drugs, out-of-pocket