HOW MUCH DO RETIREES SPEND ON UNCERTAIN HEALTH COSTS?

TitleHOW MUCH DO RETIREES SPEND ON UNCERTAIN HEALTH COSTS?
Publication TypeReport
Year of Publication2022
AuthorsArapakis, K
Series TitleBriefs
Document NumberIB#22-14
InstitutionCenter for Retirement Research at Boston College
CityNewton, MA
Keywordshealth cost, Medicaid, Medicare, out-of-pocket costs, Retirees
Abstract

The brief’s key findings are:

One risk that retirees face is uncertain out-of-pocket health costs, over and above predictable insurance premiums.
The analysis shows that total spending on retirees’ health care – including long-term care and excluding premiums – is high.
But insurers like Medicare and Medicaid cover about 80 percent of the costs.
As a result, 65-year-old households, on average, are estimated to pay $67,000 out-of-pocket over their remaining lifetime.
URLhttps://crr.bc.edu/briefs/how-much-do-retirees-spend-on-uncertain-health-costs/
Citation Key12657