The Impact of Medical Debt on Seniors and What to Do About It

Despite seniors' access to Medicare, Fidelity Investments' 245th annual Retiree Health Care Cost Estimate reveals that a 65-year-old retiring in 2025 can expect to spend an average of $172,500 on healthcare throughout their retirement. That's a 4% increase over 2024. While Medicare does provide coverage, it's not free. Most retirees pay for Medicare Part B, the portion that helps offset the price of doctor visits, outpatient care, preventative services like screenings and shots, and durable medical equipment. Many also purchase supplemental policies that help cover the out-of-pocket costs, including deductibles, copayments, and coinsurance. None of these expenses consider the potential need for long-term care. For a retiree who doesn't have very deep pockets, including a hefty retirement plan from which to draw, carrying medical debt into old age is a distinct possibility. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool