News Report | March 8, 2023
Couples May Need Nearly $400,000 To Cover Out-Of-Pocket Medicare Health Care Costs In Retirement
Couples newly enrolling in traditional Medicare may soon need nearly $400,000 in financial reserves to cover their lifetime out-of-pocket health care expenses. The estimated savings need for Medicare Advantage enrollees is from 34% to 43% below the amount needed by beneficiaries enrolled in traditional Medicare plus a Medigap plan and a Part D plan for prescriptions. The estimated savings need does not include the additional costs of dental care, vision, non-Medicare long-term care, or other health care services not covered by traditional Medicare.
Researchers updated an existing cost projection model to incorporate changes to Medicare . . .