Health care will likely be your biggest expense during the golden years. It’s obviously a tough number to nail down and one that will vary by person, but there are estimates out there. A 65-year-old, healthy couple can expect to spend $266,600 over the course of their retirement on Medicare premiums alone, according to HealthView Services. An estimate from Fidelity is a little less: $245,000. Neither include out-of-pocket expenses or long-term care costs. Source: CNN Money
But that’s not what HealthView Services says at all.
The average lifetime retirement health care premium costs for a 65-year-old healthy couple retiring this year and covered by Medicare Parts B, D, and a supplemental insurance policy will be $266,589.
You have probably heard these scary numbers before and they are scary, but remember we are talking about monthly expenses over a retirement lifetime. Add up what you will spend on gasoline or cable TV over 25-30 years and those are scary numbers too.
What’s also scary is that for the most part these premium costs are not income based or only minimally so. The fact is despite Medicare, health insurance premiums for seniors are less affordable than for younger individuals at similar income levels.