“A 65-year-old couple retiring in 2016 will need an estimated $260,000 to cover health care costs in retirement, according to Fidelity’s Retiree Health Care Cost Estimate. This is a six percent increase over last year’s estimate of $245,000 and the highest estimate since calculations began in 2002. The estimate applies to retirees with traditional Medicare insurance coverage and provides a general idea of the monthly expenses associated with Medicare premiums, Medicare co-payments and deductibles, and prescription drug out-of-pocket expenses. … This year, Fidelity also examined the costs associated with long-term care, which could impact seven in 10 Americans who reach age 65 in the next five years. … Fidelity estimates that a 65-year-old couple would need $130,000, in addition to savings for retiree medical expenses, to insure against long-term care expenses.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Well, it’s about time they included LTC in this health cost risk estimate.