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Health Care Costs in Retirement

November 15, 2016 by author

Hoping to retire soon when you reach the age of 65? How much should you be saving for health care expenses that won’t be covered by Medicare?

There are many unknown factors when it comes to predicting individual health care costs, but the one thing we can pretty much count on is health care inflation. According to Standard & Poor’s, costs for health care went up by more than 5% in 2012, while the Consumer Price Index—a common measure of inflation—rose less than 2%.

In December 2010, the Employee Benefit Research Institute (EBRI) estimated that a couple with median drug expenses would need to save $271,000 in order to have a 90% chance of covering their projected health care costs in retirement. That may sound like a big number, but when you consider that it translates to an annual cost of $13,550 for 20 years, it’s more realistic. Here’s how to plan.

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Filed Under: Health, Health Care Costs

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John O'Connor Reverse MortgagesJohn O’Connor (also known as "The Reverse Mortgage Doctor") has been helping seniors get Reverse Mortgages for more than 15 years.

Monticello Reverse Mortgage is a local Virginia company. We specialize only in Reverse Mortgages so you can be assured of our expertise and knowledge. Because we are based here in Central Virginia, we work with you personally from start to finish of the entire Reverse Mortgage process.

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Monticello Reverse Mortgage, LLC

29 Stoneridge Drive, #207
Waynesboro, Virginia 22980
Virginia State Corporation Commission MC-2457

JOHN O’CONNOR
joconnor@MonticelloReverseMortgage.com
434-249-2222 or Toll-Free: 1-833-REVERSE
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