How Much Money Do Retirees Really Need For Their Medical Expenses?

If you follow the MyHealthCafe.com blog, you already know that your medical costs in retirement can be overwhelming. Even with Medicare, the money that you need to cover all of your medical costs in retirement is an awfully big number.

But how much money do retirees really need to put away for their medical expenses? Fidelity Investments have come up with a number, and yup, it’s big. According to Fidelity, retirees will need $230,000 to cover their out-of-pocket medical costs in retirement. But yeah, we know it’s a lot of money…

Whoooaaaa! That’s a lot of money! Yes, it is, and if you can believe it, it’s still 8% less than the number that Fidelitycame up with last year. That number went down because healthcare reform is expected to reduce some of the out-of-pocket medical costs that seniors have had to pay in the past like prescription drug costs.

Take a look at Colorado 9 News’ video on Fidelity’s estimate of retiree medical costs:

How much money have you put away for your medical costs in retirement? Tell us about it!

Related posts:

1. Medicare Open Enrollment: How Much Will It Cost To Pay Your Medical Expenses? Probably More Than You Think
2. New Healthcare Initiative for Early Retirees, Help to Pay Medical Bills
3. 4 Ways Retirees Can Get Health Insurance For Their Adult Children
4. Tax Season Tip: Paying for Medical Expenses with a 401(k), an IRA or Other Qualified Retirement Plan
5. Tax Season Reminder: Paying for Medical Expenses with a 401(k), IRA or Other Qualified Retirement Plan