Medical Economics February 5, 2024
Amount patients need to save to cover all expenses continues to rise
A report from the Employee Benefit Research Institute found an upward trajectory in the projected savings that Medicare beneficiaries may require for health expenses in 2023. The study indicates that some couples might need up to $413,000 in savings to cover various health-related costs.
Jake Spiegel, a research associate in Health and Wealth Benefits Research at EBRI, explained the methodology behind the report. “To project how much Medicare beneficiaries may need to save, our simulation model factors in uncertainties related to mortality rates and returns on assets during retirement. Incorporating recent changes to Medicare Part D and testing assumptions about Medicare Advantage and Medigap plans, the updated model...
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