Fidelity Investments is out with its latest annual estimate of retirement medical expenses. The latest study estimates the cost over the next 30 years for a married couple currently aged 65 at $280,000. That includes a wide range of out-of-pocket expenses, but doesn’t include long-term care and some other expenses. As this article points out, there’s no silver bullet for dealing with these expenses. As I’ve explained in my books and Retirement Watch you need to consider these expenses as part of your retirement spending and use a range of tools to limit surprises and defray your out-of-pocket costs.
Fidelity’s calculations include premiums, cost-sharing provisions and out-of-pocket costs associated with Medicare parts A, B, and D. But the figures do not include other health expenses such as over-the-counter medications, most dental services and long-term care, and do not factor in any employer-provided retiree health coverage.
“Actual assets needed may be more or less depending on actual health status, area of residence, and longevity,” Fidelity says.