Retirees Likely to Rack Up Over $100,000 in Drugs RX and Other Health Care Costs
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Drugs RX News: Facing retirement doesn’t simply mean planning on where to travel to for their much-deserved break; it means that potential drugs and other healthcare costs must be considered in retirement funding. Retiring at age 65 means that co-pays, premiums and other non-reimbursed medical expenses can run over $100,000; and, because women tend to live longer, this is especially true for female retirees.
Drugs RX and Other Health Care Costs for Seniors Likely to Be Over $100,000
If a man is healthy with no major underlining conditions, aged 65, and has $65,000 put aside for healthcare, he will have a 50% chance of being able to meet his needs during retirement. But if he wants a 90% chance of meeting his own healthcare costs, realistically that fund should be more around the region of $124,000. If a woman is healthy and aged 65, an amount of $93,000 will put her at the 50% mark of being able to fund out-of-pocket prescription drugs and other healthcare costs. A fund of $152,000 will be required to meet 90% of her out-of-pocket medications and other healthcare needs.
This means that during each Medicare open enrollment period, seniors must evaluate all plans that are available including Medicare D drugs RX plans. New competing plans may mean significant savings for prescription medication and other out-of-pocket healthcare expenses. Seniors should go to the Centers for Medicare and Medicaid website to make use of the “plan finder” tool. Based on an individual’s personal information, the plan finder will help seniors compare available plans in their areas. The goal is to choose a plan that minimizes true out-of-pocket drugs RX and other health care costs.
