Not only are boomers retiring in ever-growing numbers, areport from CNBC says that the tide of 10,000boomers retiring each day will more than double Medicareand Medicaid costs by 2020.

And then there’s the question of whether the health careindustry will be able to keep up with such a flood of retirees—numbers courtesy of Pew Research andthe Social Security Administration—or whether those retirees willbe able to keep up with the cost of their healthcare, Medicare andMedicaid notwithstanding.

Retired 65-year-old couples, the report says, can expect to pay$275,000 in out-of-pocket expenses for health care, excludinglong-term nursing care and rehabilitation. However, they have justa 50 percent chance of covering these costs.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.