Ilovebenefits’s Blog

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Helping with Your Benefits Challenges

Please check out the web site http://www.HealthcareBenefitsNetwork.com

Healthcare Benefits Network – Experienced healthcare consultants transforming the medical benefits industry.
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March 14, 2010 Posted by | Benefits, Cost, Electronic health records, health information technology, healthcare, hospitals, insurance, Pension, Plan design, Prevention and Wellness, retirement, Technology | , , , , | Leave a comment

Health care spending in retirement

Editor’s note: These are 2005 numbers. The latest estimates are that people retiring today, at age 65, will spend on average $250,000 on healthcare for the balance of their lives. 25-50% of that money will be spent in the last 6 months of life.

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Medicare beneficiaries spent an average of $4,394 of their own money on health care services in 2005about 28% of income.

 

Source: “Medicare Beneficiaries’ Out-of-Pocket Spending for Health Care Services,” AARP Public Policy Institute, June 2009,

http://assets.aarp.org/rgcenter/health/i30_oop.pdf

June 15, 2009 Posted by | Affordability, Cost, Economics of Health care, retirement | , , , , | Leave a comment

Health Care Costs During Retirement

Editor’s note: The following, with its link, is a primer on retiree coverage and costs… a good place to start if you want to begin to understand healthcare in retirement. 

 

A common assumption retiring seniors have is that Medicare will cover the majority of their health care costs, and that Medicaid will cover them if they need nursing home care, which isn’t necessarily true. A new analysis by the National Center for Policy Analysis clears up some of the misconceptions about medical costs during retirement.

According to Fidelity Investments, the average senior retiring at age 65 this year will need $240,000 to pay the out-of-pocket costs of health care for the rest of his or her life.

http://www.ncpa.org/pub/ba660

June 8, 2009 Posted by | Cost, retirement | , , | Leave a comment