Retiring couples may need $300K for medical costs, up 88% from 2 decades ago

A retiring couple should plan to spend $300,000 in healthcare and medical costs throughout their retirement, a figure that's up 88 percent since 2002, according to Fidelity Investments.

The figures come from Fidelity's annual Retiree Health Care Cost Estimate, released May 7. The estimate is based on a hypothetical opposite-gender couple retiring in 2021 and is based on current life expectancy data. It assumes the retirees qualify for Medicare and must pay cost-sharing for Parts A and B as well as prescription drug coverage.

Estimated healthcare costs for a single retiree is $157,000 for women and $143,000 for men, according to Fidelity. 

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