Health & Fitness
Did You Know? Health Care Costs in Retirement
Many people are concerned about the rising healthcare costs but for some reason the financial industry doesn't seem to want to tackle the issue. Here are some facts from numerous surveys.
Did You Know?
- 10,000 people reach age 65 and become eligible for Medicare each day.
- Healthcare & Wealthcare “Are two sides of the same coin. What good is growing a portfolio if you don’t protect it from events that are not only likely but can be catastrophic to an investment plan” — Sean Dowling Pres. Dowling Group Wealth Management
- Medicare is not free; A healthy 55 year-old couple can expect to pay roughly $11,480 for Medicare premiums by age 65 and $34,800 by age 80. - HVS Financial
- Medicare is an expense that will affect 100% of those that are retired and over the age of 65.
- According to the Employee Benefit Research Institute, Medicare only covers 51% of healthcare expenses, while clients are responsible for the other 49%.
- 70% of affluent investors named rising healthcare costs as their major concern. — Merrill Lynch Affluent Insights Survey, August 2011
- Medical expenses topped the list of concerns among those aged 65 or older. — 2011 Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey
- Medicare premiums are tied directly to a retiree’s income.
- 92% of Americans lack a specific retirement plan that factors in healthcare costs. — Sun Life Financial Unretirement Survey – “Flying Blind”
- A 55 year old couple who plans to live until age 90 can expect to incur over $510,000 in costs for their healthcare in today's dollars. - HealthView Services
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- If they live in Florida it will be more like $521,000
- If they both have Diabetes it will be more like $558,000
- If they earn over $170,00 in income as defined by Medicare it will be more like $615,000
- If they earn over $428,000 in income as defined by Medicare it will be more like $996,00
