Newspaper Article Archive of
West Seattle Herald
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Newspaper Article Archive of
West Seattle Herald

March 16, 2017 Plan for health care costs during retirement
Article Pages -- as published on the West Seattle Herald website.

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ARTICLE DESCRIPTION:

Sponsored by Sarah Cecil

When you retire, some of your expenses may go down – but health care is not likely to be one of them. In fact, your health care costs during retirement may well increase, so you may want to plan for these costs well before you leave the work force. How much can you expect to spend on health care during your retirement years? Consider these statistics:

A 65-year-old couple who retired in 2016 will need about $288,000 (in today’s dollars) during retirement just to pay Medicare Parts B, D and supplemental insurance, according to HealthView Services, a company that provides health care cost projections for financial services firms. If out-of-pocket costs such as deductibles, co-pays, hearing, vision and dental are included, the lifetime figure rises to about $377,000 in today’s dollars.

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The national average for a private room in a nursing home is more than $92,000 per year, according to a survey by Genworth, an insurance company. And the services of a home health aide cost more than $45,000 per year, according to the same survey. Medicare typically pays very little of these costs.

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