An average couple retiring at age 65 may find they need an extra $300,000 to cover out-of-pocket healthcare costs during the rest of their lives.
An annual estimate from Fidelity Investments warns on average, men can expect to dish out more than $143,000, while women, because they live longer, might pay out $157,000. This marks the first time Fidelity’s estimate has broken the $300,000 level, a 1.7% increase from a year ago, and a whopping 30% rise in the last decade.
The estimate takes into account that both members of the couple are enrolled in traditional Medicare that covers Parts, A, B, and D (hospital stays, doctor visits, lab tests, physical therapy, and prescription drugs).
Individual responsibilities not included in Medicare such as copayments, coinsurance, and deductibles account for 42% of out-of-pocket costs. Essential things such as dental care, eye exams, and hearing aids are usually out-of-pocket as well.
You’re Entitled to Every Cent You Earned
If you’ve been following along with our efforts at Council of Seniors, you’ll know that we’re trying hard to get Congress to pass The SAVE Benefits Act. Once passed, this bill will reimburse seniors $581, which makes up for the Social Security cost of living adjustment (COLA) they did not receive over a period of years.
Please sign our petition so together we will show politicians in Washington the growing support for this bill. We can’t thank you enough for your help in providing this needed money to seniors.
Are you actively planning for future healthcare costs? Leave us a comment and let us know.
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