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Lifetime retiree health care cost projections up 6.5%
Retiree health care costs continue to rise at a faster pace than general inflation and annual cost-of-living adjustments for Social Security benefits. As a result, retirees will spend increasingly larger portions of their retirement benefits to pay for health care costs over their lifetime. A healthy couple retiring at 65 this year will likely spend more than $266,000 on Medicare Part B, which covers doctors’ visits and outpatient services, and Part D prescription drug plans as well as supplemental Medigap insurance over their lifetime, according to the 2015 Retirement Health Care Cost Data Report. That is up 6.5% from last year’s projection, according to the report compiled HealthView Services, a provider of Medicare, Social Security and long-term care planning tools for advisers. Read more…
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