“Terry Savage: Retiree medical costs are soaring”

 

“Terry Savage: Retiree medical costs are soaring,” by Terry Savage, Chicago Tribune 

 

Quote:

“If you’re a retiree dealing with Medicare, you’ve just noticed that your increased (5.9%) Social Security benefit is being reduced substantially by rising costs for Medicare Part B and Part D (your drug plan), as well as by increased costs for drugs that may be only partially covered by insurance. Additionally, most Medicare supplement policies raised their monthly premiums for 2022. And this is just the start, according to a new report by the Employee Benefit Research Institute (EBRI). Medicare covers only about two-thirds of healthcare costs for the average retiree. Those additional expenses cut deeply into retirees’ savings in retirement. Given this trend, if you’re planning for retirement in coming years, you’ll need to save a lot more, according to EBRI. How much more?”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Click through for the “Savage Truth.”