One big reason to save for retirement: Health care costs. The average healthy 65-year-old couple retiring this year is projected to spend $288,400 in today’s dollars on lifetime Medicare Parts B, D and supplemental insurance (Plan F) premiums, according to a new HealthView Services report.
By HealthView’s analysis, when dental, hearing, vision and all other out-of-pocket expenses are included, that couple's total retirement health care bill rises to $377,412. All calculations are based on assumptions that men and women have life expectancies of 87 and 89, respectively.
The longer life expectancy means sharply higher costs for women. According to HealthView, a healthy 30-year-old woman who lives to age 91 is projected to spend $118,632 more in total health care costs than a healthy male of the same age who lives to age 87.