It Is Shameful That Old Couples In America Have To Pay $240,000 In Medical Costs
Medical costs continue to loom large over retirement, a report from Fidelity Investments says.
A 65-year-old couple retiring this year without any employer-based health coverage would need an estimated $240,000 to cover medical costs through retirement, according to Fidelity’s latest estimate. That’s a 4 percent increase from last year’s figure. (The number has increased by 50 percent since 2002, when Fidelity first calculated the cost at $160,000.)
The estimate assumes the couple is covered by traditional Medicare, the federal health plan for the elderly. The estimate is based on life expectancies of 17 years for men, and 20 years for women.
The estimate takes into account Medicare premiums, deductibles and co-insurance — the share of medical costs paid by the patient — for medical care as well as for prescription drugs. It also takes into account some services that may be excluded by Medicare, like routine vision and hearing exams, eyeglasses and hearing aids.
http://www.businessinsider.com/americas-elderly-pay-240000-in-medical-costs-study-2012-5
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