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According to a 2006 EBRI analysis, for retirees who have access to retiree health benefits from a former employer but pay the full premium, "A 65-year-old retiring in 2006 who lives to age 80 will need $115,000 in savings to pay for health insurance premiums and out-of-pocket [health-related]expenses. In contrast, an individual who lives to age 90 will need $214,000 in savings at age 65. For a couple...using life expectancy of 82 for men and 85 for women, an average couple will need $295,000 at age 65. Were a couple instead to live to age 95, they would need $550,000." (p. 12-13)
Fronstin, P. (2006). Savings needed to fund health insurance and health care expenses in retirement. (Issue Brief No. 295). Washington, DC: Employee Benefit Research Institute. Retrieved March 22, 2008 from http://www.ebri.org/pdf/briefspdf/EBRI_IB_07-20061.pdf
This Issue Brief examines the cost of health insurance and health care expenses in retirement. It examines recent trends in private- and public-sector retiree health benefits and the impact of these trends on current and future retirees. It also presents options that retirees currently have to supplement the Medicare program, and provides estimates of how much those options will cost current and future retirees.
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140 Commonwealth Avenue - McGuinn, 6th Floor - Chestnut Hill, MA 02467
Email: age.work@bc.edu - Phone: 617.552.9195 - Fax: 617.552.9202
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