Retiring? Better Have $240K for Health Care

By Evann Gastaldo, Newser Staff

Retiring this year? You and your significant other will need $240,000 for health care expenses, according to Fidelity Investments' latest annual projection.

That's up 4% from last year's $230,000 estimate, which is a typical -- and actually fairly modest -- increase, BusinessWeek reports. Since 2002's $160,000 estimate, the annual figure has increased an average of 6% per year.

The calculation is based on a 65-year-old couple who live until 85 (women) and 82 (men) and are not covered by employer insurance but do have Medicare coverage.

And if you think $240,000 is a tough pill to swallow, some bad news: Though the estimate includes premiums, co-payments, deductibles, and prescription costs, should you need to go to a nursing home, that long-term-care cost isn't factored in; neither is dental care. BusinessWeek notes that the estimate could change if the Supreme Court strikes down part or all of ObamaCare.

--Written by Evann Gastaldo of Newser