My Health Care Estimator

My Health Care Estimator®

People are living longer, and along with greater longevity come greater health care costs. Did you know health care costs in the U.S. have been on the rise over the past 20 years, and are projected to continue to rise for the foreseeable future? Healthcare is likely to be your second largest expense in retirement.1 Take a look at these statistics:

  • A 65-year-old couple retiring today can expect to spend about $220,000 over the next 20 years on out-of-pocket health care expenses2
  • Medicare may only cover about 62% of retirement health care costs3
  • 73% of older adults admit that one of their top fears in retirement is their health care costs going out of control4

How do you figure out the amount you need to save to cover retirement health care costs? We are proud to introduce My Health Care Estimator, an easy to use tool that can help you determine what your health care expenses may be in retirement. Based on your answers to the following five questions, you can discover a projected average monthly amount that equates to your potential expenses for health care related costs in retirement:

  • Age and gender
  • Current health (on a scale from 1-5)
  • Current income
  • Expected income in retirement
  • The state where you expect to live in retirement

The information obtained from the My Health Care Estimator can help you better holistically prepare for retirement. We also have numerous tools and calculators to help you gauge your retirement readiness and needs, including the My Interactive Retirement PlannerSM, which gives you a projected monthly income amount.

My Health Care Estimator places the power in your hands. For a more detailed analysis or to figure out strategies to plan for health care related costs in retirement, please contact us.

1 "Average Annual Expenditures and Characteristics,” Consumer Expenditure Survey, 2012, Bureau of Labor Statistics. (Percentage of total expenditure for 75+ year olds)
2 How to tame retiree health care costs, Fidelity Benefits Consulting (June 2014).
3 How Much Does Medicare Cover? Employee Benefit Research Institute Fast Facts newsletter #251, (October 17, 2013).
4 “Healthcare and Long Term Care Study” Nielson, November 2014.

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