Retirees may experience some sticker shock when it comes to healthcare costs. It’s easy to see why when, according to 2021 data, a 65-year-old couple would need to have saved a combined $301,000 ($142,000 for the man and $159,000 for the woman) to have a 90 percent chance of covering certain medical expenses. That’s a nine percent increase in just one year, up from 2020.1 What’s more, these numbers don’t even include expenses that Medicare doesn’t cover, such as dental, vision, over-the-counter medications and long-term care.
As people age, physical health becomes a primary concern. Worries about potential illness and lack of mobility may be top of mind, but the associated price tags for care only add to the unease.
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