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Even those who are eligible for Medicare will face major medical costs during retirement, according to a new report published by the Employee Benefits Research Institute. The analysis, “Projected Savings Medicare Beneficiaries Need for Health Expenses Remained High in 2022”, suggests that retirees will need to save hundreds of thousands of dollars to be 90% certain they can cover their post-retirement medical costs – figures that climb to $383,000 for some couples.

“Medicare was not intended to cover all the health care expenses beneficiaries might face,” says Paul Fronstin, director of Health Benefits Research at the Employee Benefits Research Institute, in a press release. “To help make these costs more salient, EBRI developed this projection model for estimating the savings Medicare beneficiaries may need to have a reasonable chance of meeting their health care spending needs.”

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