Free Health Care Costs Calculator for Retirement
Planning Released by AARP
third of Americans close to retirement age have taken
steps to save for major expense of health care
25, 2013 - Today, AARP launched a free online
Health Care Costs Calculator, which
it describes as a major addition to their Ready for Retirement suite of
planning tools. In a survey accompanying the release of the calculator,
AARP found that just one third (36%) of older Americans have taken any
steps to save for out-of-pocket health care expenses, though multiple
studies show that such costs often reach significantly more than
$200,000 for a retired couple.
"The free Health Care Costs Calculator can play an
important and often overlooked role as families and individuals plan for
retirement," said AARP Vice President for Financial Security
"Health care costs can have a significant impact on
retirement savings. With this calculator, AARP aims to help more
Americans confidently plan for and achieve retirement goals."
The Health Care Costs
Calculator estimates health costs in retirement by utilizing a database
that includes $136 billion in costs from
actual health care claims. Individuals can select from 82 medical
conditions to estimate how much they may need to spend on out-of-pocket
health care costs. The calculator also assumes that individuals will be
eligible for and select Medicare Parts A, B and D.
After estimating costs with
the calculator, users can create a customizable action plan to help save
for health care in retirement and make impactful changes in their lives
that include planning, saving, and making healthy changes. For example,
if a person has "get to a healthier weight" as a goal, the tool will
offer possible next steps for pursuing that goal.
AARP's free online Health
Care Costs Calculator sample results below.
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