Health care inflation is a well-documented reality in the American economic landscape, but new data published this spring illustrates how pronounced this challenge is for American seniors.
In June, LifeHealthPro reported that the average American couple over the age of 65 can expect to pay $218,000 for medical treatment required over a 20-year span in retirement. This data, which emerged from research conducted by American University’s Business Analytics program, is made more sobering by their additional finding that 38 percent of Americans over 65 rely completely on Social Security for their retirement income.
This research comes on the heels of the May 2016 release of HealthView Services’ 2016 Retirement Health Care Costs Data Report, which provides detailed projections of health care expenses in retirement. Perhaps the most shocking component of the report is the Retirement Health Care Cost Index, which shows the portion of benefits required to cover projected lifetime medical expenses.
According to the index, a 66-year-old couple retiring this year will need 57 percent of their Social Security income to cover total health care costs. And a 55 year-old couple retiring in 10 years will require 88 percent.
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Originally Published at LifeHealthPro: