You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Retiring couples face $220k in health care costs, study says

The average couple retiring this year can expect to pay $220,000 in health care costs during the course of their retirements, according to a new estimate from Fidelity Investments.

Among people older than 55 who have not retired, only a small minority was able to correctly estimate health care expenses, Fidelity’s survey found. Just 10 percent of respondents said they expected to spend more than $200,000 on health care for themselves and their spouses during retirement. Nearly 60 percent said they expected to spend less than $50,000.

Continue reading below

Fidelity’s estimate includes Medicare premiums, out-of-pocket expenses, and co-pays that the average couple could expect to incur, but not the potential costs of nursing homes.

The estimate is unchanged from last year’s. The projection peaked in 2010 at $250,000, but has since dropped because of increased Medicare coverage of prescription drugs and reduced consumption of health care, Fidelity said.

Fidelity noted that its estimate was made for 65-year-old couples where men were projected to live to 82 and women, 85. The company also noted that retiring before 65 would add another $17,000 a year to a typical couple’s health care costs. On the other hand, working past 65 could save them $10,000 per year.

Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.
Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.