Insurance

Retiring this year? How much you’ll need for health-care costs

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Healthy couples retiring in 2019 will have to dig deep to cover medical expenses.

A 65-year-old couple in good health will need $387,644 to pay for health-care costs for the remainder of their lives, according to HealthView Services, a provider of health-care cost projection software.

That sum includes premiums for Medicare Part B (medical insurance) and D (prescription drug coverage), dental insurance and out-of-pocket costs related to doctor’s exams, hearing services and more.

The estimate excludes long-term care expenses.

Here’s the kicker: The healthier you are, the more money you’ll spend over your lifetime, due to your increased life expectancy.

A 55-year-old woman in good health will spend an average of $13,165 in annual medical costs at age 65, HealthView Services found.

Meanwhile, a woman who’s the same age but is also a Type 2 diabetic can expect to spend an average of $16,635 in yearly health-care costs.

Over time the healthy retiree will pay $424,875 for medical costs, while the diabetic, with the lower life expectancy, will pony up $266,163, the software provider found.

“Annually, the healthy person will spend less out of pocket, but over the course of their lifetime, they will spend more because they have additional years of expenses,” said Michael Daley, product marketing manager at HealthView Services…..Read more>>

 

Source:-cnbc