Healthcare is one of the biggest expenses for most retirees – ranking right up there with housing and transportation costs, and it comes with an equally big lifetime price tag. A recent study by Fidelity estimates that about 15% of the average retiree’s annual expenses will be used for health care-related expenses, including Medicare premiums and out-of-pocket expenses.
In that same study, Fidelity found that the average retired couple age 65 in 2019 will spend $285,000 on health care expenses in retirement. For single retirees, the estimate is $150,000 for women and $135,000 for men. Ouch!
In today’s video, I’m diving into what you can expect to pay for healthcare in retirement, how medicare works, and to handle unexpected curveballs like needing expensive long-term care later in life.