RetireSecure Blog

September 18, 2012

Medicare Gaps Leave Many With Big Bill at End of Life, Study Finds

Filed under: New Research,Personal Finance,Retirement Research — The Pension Research Council @ 12:46 pm

A recent study out of the Mount Sinai School of Medicine in New York City found that saving enough money to cover end-of-life health care costs is a challenge for many older Americans. Using data from the Health and Retirement Study, it was revealed that the average out-of-pocket amount spent on health care in the last five years of life between 2002 and 2008 was nearly $39,000, with 75 percent of households spending $10,000 or more.

Due to the uncertainty of future health care costs, PRC Executive Director Olivia S. Mitchell notes, “To be 90 percent sure your expenses [at the end of life] will be covered, you would need about $400,000, plus the cost of purchasing Medigap.”

To read the rest of the article, click here.

 

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