Wh at will you pay for health care in retirement?
Fidelity research suggests that a 65-year old couple retiring in 2016 will need an estimated $260,000 to cover their retirement health care costs. Please note this represents a $15,000 increase from the 2015 estimate of $245,000 shown in the chart below.
About one-third of the cost is for Medicare Part B (doctors’ services and out-patient care) and Medicare Part D (prescription drugs). Even the most healthy of Americans incur these costs.
Then consider the out-of-pocket expenses of such things as hearing aids, increasing dental costs, and eye care.
Of course, the most expensive potential cost of all is the need for care at home or in a facility. These expenses can easily crest $150,000.
While this information begins to address the importance of including planning for health care in retirement, each individual’s situation is unique. Let’s talk about your situation and be sure that we plan correctly to meet your life and legacy goals.