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Dr. Peter A. Najjar discusses the impact of artificial intelligence on healthcare, specifically cancer detection.<\/p>\n
Fidelity Investments released its 25th annual estimate of retiree healthcare costs, which revealed a significant jump from a year ago as medical care and related expenses become more expensive.<\/p>\n
The report estimated that a 65-year-old who retires in 2026 can expect to spend an average of $185,500 on healthcare and medical expenses throughout their retirement. That amount is an increase of 7.5% from last year amid rising healthcare prices, growth in the utilization of medical services and growing costs stemming from chronic conditions.<\/p>\n
“Financial planning for retirement is about more than reaching a savings target, especially as retirement itself continues to evolve,” said Shams Talib, head of Fidelity Workplace Consulting.<\/p>\n
“Whether Americans fully stop working, phase into their retirement, or pursue new ways to stay engaged, healthcare consistently remains one of the largest expenses they will face,” Talib added. “Providing a benchmark to consider can help them plan with purpose and more confidence.”<\/p>\n
POPULAR DRUGS ADDED TO MEDICARE PRICE NEGOTIATION PROGRAM: WHAT IT MEANS FOR AMERICANS<\/p>\n
People who are retired or are planning for retirement should account for healthcare expenses not covered by Medicare in their planning. (iStock)<\/p>\n
Fidelity’s report has been compiled each year since 2002 and yields an estimate designed as a benchmark for long-term planning around possible healthcare costs a retiree will incur despite standard Medicare coverage.<\/p>\n
The estimate assumes enrollment in Original Medicare (Parts A and B), as well as Medicare Part D \u2013 which includes premiums, copayments and out-of-pocket costs for medical care and prescription drugs throughout retirement. The figure doesn’t include potential long-term care expenses.<\/p>\n
Out of the total estimate of $185,500, Fidelity’s analysis finds that about 45% of that amount goes to monthly premiums for Medicare Part B and Part D.<\/p>\n
US SHOULDERS DISPROPORTIONATE COST OF NEW MEDICATIONS, REPORT FINDS<\/p>\n
Medicare plans don’t cover all healthcare-related expenses, so retirees face some out-of-pocket costs. (iStock)<\/p>\n
Another 48% go to covering other medical expenses under Medicare cost-sharing provisions \u2013 such as copayments, coinsurance, deductibles for things like hospital visits and outpatient services.<\/p>\n
That figure also includes other medical services that aren’t covered by Medicare plans, such as vision and hearing exams.<\/p>\n
The final 7% of the total comes from out-of-pocket expenses, like co-payments and amounts that aren’t covered by Medicare Part D and are out-of-pocket expenses for generic, branded or specialty drugs.<\/p>\n
OBAMACARE EXCHANGE FLAW EXPOSED AMERICANS TO UNEXPECTED HEALTH PLAN SWITCHES, WATCHDOG FINDS<\/p>\n
Prescription drug costs can be a significant component of a retiree’s healthcare expenses. (Getty Images)<\/p>\n
“Medicare is a critical part of retirement health coverage, but it does not eliminate every healthcare expense,” said Steve Betts, head of Fidelity Health.<\/p>\n
“This estimate helps illustrate why both pre-retirees and retirees alike will benefit from carefully considering out-of-pocket expenses and how they will pay for them as they build out their retirement income strategy,” Betts added.<\/p>\n
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