{"id":8264,"date":"2023-08-05T18:46:29","date_gmt":"2023-08-05T18:46:29","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/healthcare-costs-could-exceed-150000-for-retired-medicare-recipients-fidelity\/"},"modified":"2023-08-05T18:46:36","modified_gmt":"2023-08-05T18:46:36","slug":"healthcare-costs-could-exceed-150000-for-retired-medicare-recipients-fidelity","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8264","title":{"rendered":"Healthcare costs could exceed $150,000 for retired Medicare recipients: Fidelity"},"content":{"rendered":"
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The average 65-year-old retiring today could expect to spend $157,500 on healthcare costs throughout their retirement, even with Medicare coverage, according to a study by Fidelity Investments. For married couples, that rate increases to $315,000.<\/p>\n

The 2023 estimate remains flat from the previous year as provisions in the Inflation Reduction Act are expected to limit out-of-pocket prescription drug costs for retirees beginning in 2025, Fidelity said.<\/p>\n

“While this year\u2019s estimate offers a welcome reprieve from a decade of increasing healthcare costs, retirees are still expected to cover significant costs above and beyond what Medicare covers,” Hope Manion, Fidelity Workplace Consulting senior vice president and chief actuary, said in a statement. “Understanding what your healthcare costs may be in the future is an essential part of the retirement planning process.”<\/p>\n

An average couple expects to spend just $41,000 on healthcare once they retire, according to Fidelity.<\/p>\n

If high-interest debt is getting in the way of your retirement savings, you could consider paying it down with a personal loan at a lower interest rate. Visit Credible to get your personalized rate in minutes.<\/p>\n

MANY AMERICANS WITH MEDICAL DEBT STRUGGLING TO PAY BILLS: SURVEY<\/strong><\/p>\n

Inflation Reduction Act provisions aim to lower healthcare costs for retirees<\/strong><\/h2>\n

Passed in 2023, the Inflation Reduction Act contains provisions designed to improve the Medicare program and expand benefits for retirees. Here\u2019s a glance at how it aims to improve Medicare Part D.<\/p>\n