Nearly two-thirds of baby boomers are not confident they will be able to cover medical expenses in retirement.
According to "Health Care Expenses and Retirement Income: How Escalating Costs Impact Retirement Savings," a report by the Insured Retirement Institute, 63 percent of Baby Boomers do not believe they will be able to cover health care costs in retirement. The concern is especially strong among younger Baby Boomers between the ages of 52 and 54, with 72 percent saying they lack confidence.
The report found that a healthy 65-year-old male can expect a totalcost of health care expenses, including premiums, for the rest of his lifetime to top $350,000, and a 65-year-old woman can expect at least $417,000 in health care expenses-a 13 percent increase compared to her male counterpart. It also found that the average person on Medicare will have out-of-pocket medical expenses totaling more than $4,300 per year.
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