Health Populi May 20, 2022
A couple retiring in 2022 should budget $315,000 to cover their health care costs in retirement, based on the 21st annual Retiree Health Care Cost Estimate from Fidelity Investments.
For context, note that the median sales price of a home in the U.S. in April 2022 was $391,200.
It’s important to understand what the $315,000 for “health care costs” in retirement does not cover, explained in Fidelity’s footnoted methodology: the assumption is that the hypothetical opposite-sex couple is enrolled in Original Medicare (not Medicare Advantage), and the cost estimate does not include other health-related expenses including over-the-counter drugs, most dental care, and long-term care.
For additional context and potential sticker-shock, note that long-term care in the U.S. for one year...
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