Health Care Costs for Retirees Rise 6 Percent to $275,000
Health care costs for a 65-year old couple are estimated to be $275,000, a six percent increase over last year’s estimate, according to Fidelity Investments. Fidelity reports the increase reflects general market trends and expectations for health care costs, including monthly Medicare premiums and out-of pocket drug expenses. Even more startling -- the 2017 estimate represents a more than 70 percent increase since 2002.
Fidelity Benefits leaders say as retiree health care costs continue to rise workers need to ensure they’re keeping those type of costs in mind so they don’t hinder their retirement plans and employers can help by making employees aware of health care needs and providing tools so they save enough.