Fidelity: Retired Couples Need $240,000 for Medical Expenses

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I budget $ 12000 / yr for health car in my retirement. That includes Medicare part b and d premiums under a Mediare advanage plan, and copays for dr. visits and medication.
Heaven help me if I have to go into the hospital for any length of time. At it does NOT cover long term care.
My projection is that health care will be $100,000 yr in future dollars if I live to 95. On the good side, my SS and my wife will be $150,000.
Hum...

Mike Hester of OR 4:53PM January 22, 2011

+1

soundtracks of AL 8:10AM July 17, 2009

Great. Now i can say thank you!

soma overnight delivery of ND 5:45AM July 04, 2009

The Fidelity pronouncements -- which have been doing for years -- are primarily for marketing purposes. There is no way that health costs are going to be that high for most retirees. The figure comes to about $12,000 per year, per retiree, if we are going to get to $240,000 in 20 years. If that is a couple, then it is still about $6,000 or $500 per month, on average, for that period of time. I just don't see how that is going to happen. Again, I think the pronouncement is mostly for marketing purposes, and I think the study is "funded" by Fidelity's marketing department.

George Fulmore of CA 7:42PM April 09, 2009

You should think about enrolling in an HSA account if you are healthy because the account can grow and help with costs when something bad happens. Go here for more info:
http://www.ehow.com/how_4876461_enroll-health-savings-account-hsas.html

Chris of DC 9:53PM March 29, 2009

Get a new picture you look like the octuplet mom.

Norma of NC 11:42PM March 28, 2009

as statistics go. The PROBLEM is, most of them are not going to have anything nearly approaching such resources. The statistics on long-term care probably shoots the total up around $500,000
Young people are the ones who should be leading the charge to single-payer national health care. THEY are the ones likely to otherwise see not a penny of inheritance from Mom & Dad---and THEY are the ones likely to be trying to figure out how to help the parents/grandparents cope. Other nations have figured this out. The YOUNG voters of America have to figure it out too.
At least we didn't elect McCain and his ilk THIS time. But you need liberals for the next 30 years or most of you (us) are toast.

Muser of NM 12:57PM March 27, 2009