Sunday Morning Quick Hits # 11: Ouch! Health Care During Retirement Hurts!
$288,400! That's what the HealthView Services' 2016 Retirement Health Care Costs Data Report shows the average healthy 65-year-old couple retiring this year is projected to spend in today's dollars on lifetime Medicare Parts B, D and supplemental insurance (Plan F) premiums.
And when dental, hearing, vision and all other out-of-pocket expenses are included, the total retirement health care bill rises to $377,412!
There report also shows the cost disparity between genders, driven by a greater average life expectancy for women. A 30-year-old female retiring at 65 can expect to pay $118,632 more than a male of the same age (based on life expectancies of 91 and 87, respectively).
Healthy retirees can expect to pay significantly more for retirement medical services than those suffering from a chronic disease that may impact their lifespans. A healthy male or female can expect to pay almost twice as much for lifetime health care in retirement than someone who is diabetic, for example.
All of us need to plan for medical expenses in retirement and have a thorough understanding of Medicare. A "healthy" retirement won't be much fun if all your money is used to stay healthy.