Retirement Health Care Costs Average $220,000 Per Couple

A 65-year-old couple retiring in 2014 will need an average of $220,000 to cover their traditional Medicare out-of-pocket deductibles, copayments, and coinsurance costs in retirement. This estimate does not include costs of long-term care, dental, over-the-counter. Since 2010, the average amount needed to cover health care costs in retirement has dropped 12%, from $250,000 in 2010 to $220,000 in 2013 and again in 2014.

The estimate was developed by Fidelity Benefits Consulting. The estimated savings needed to cover health care costs in retirement are based on current Medicare Part A . . .