The amount is up slightly from $280,000 in 2018. While the annual increase slowed over the last two years — 3.6 percent compared with 12.2 percent from 2015 to 2017 — the amount still poses a challenge for many in retirement.
Despite the hefty price tag, there's a piece of good news about retirees' health-care costs: They aren't rising as quickly as they were even a few years ago.
Nevertheless, because Medicare is the primary insurer for the 65-and-older crowd, various factors have led to slower increases in older Americans' health-care costs versus those of the general population. "It does appear that Medicare is managing the increases a little better than the rest of the health-care system," said Hope Manion, senior vice president for Fidelity Workplace Consulting.
The biggest unknown variable for retirees is long-term care, which includes help with daily living activities such as eating and dressing.If you turned 70½ last year, don't miss this key deadline"We recommend that folks think about their family history, look at their relative's health and their own health," Manion said."It could be a significant cost for some but not for others, and it's hard to predict.
It's also wise for pre-retirees to consider putting money in a health savings account. The money contributed is tax-deductible, and both the earnings and withdrawals — as long as they're for health-care expenses — are also not taxed. In other words, you get a triple tax benefit.
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