Excerpt from: AARP (Click for full article)
Fidelity Investments, which has been tracking retiree health care costs
for more than a decade, estimates that a 65-year-old couple retiring
this year will need $240,000 to cover future medical costs. That doesn't
include the high cost of long-term care. Nor does it take into account
additional costs you may incur if you decide to take — or are forced
into — early retirement before your Medicare kicks in.
Fidelity's estimated $240,000 includes the cost of deductibles and
copayments, premiums for optional coverage for doctor visits and
prescription drugs, out-of-pocket expenses for prescription drugs, and
other expenses that Medicare doesn't cover, such as hearing aids and
eyeglasses.
Even if you face no other costs, paying for premiums and deductibles for the traditional Medicare choices of Parts A, B and D (rather than opting for the Medicare Advantage program known as Part C) can quickly eat up retirement savings.
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