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Nov 12, 2009
Medicare covers only about 60% of the cost of health care during retirement. Seniors often underestimate the amount that they are responsible for. According to the Employee Benefit Research Institute, men need to have saved $68,000 to $178,000; while women need anywhere from $98,000 to $242,000 in retirement savings dedicated to health care. Even with these large amounts, men and women still have only a 50% chance of having sufficient funds for medical care during retirement.
4 Responses to “Saving for Health Care in Retirement”
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Helium
November 12th, 2009 at 1:49 pm
Obviously, seniors are very dependent on government.
November 12th, 2009 at 2:21 pm
Agree with Ken. It’s about 70% government: 30% provate. No wonder seniors support the welfare state.
November 12th, 2009 at 2:32 pm
If you are a senior and you think this is a good thing, see the above post.
November 12th, 2009 at 2:46 pm
This is another example how health care spending is on course to crowd out other areas of consumption. Even though Medicare pays 60% of retirees’ medical bills, women still need up to $242,000 just to cover retiree health costS. A back-of-the-envelope calculation suggests women will consume $400,000 on health care after retirement. This is a significant amount. Over time per capita lifetime medical consumption will begin to exceed the cost of housing, transportation and food.