For several years, HealthView Services composed its annual Retirement Healthcare Costs Data Report: a comprehensive paper complete with short- and long-term cost projections and detailed case studies. This year, through expanded research, the firm has shifted its institutional focus to also include pre-retirement healthcare cost projections. However, we understand that our followers appreciate and rely on the yearly data update; therefore, in lieu of a more extensive paper, this brief will unveil our latest data projections and offer fundamental insights on the state of healthcare in retirement.
Forty-four million Americans are currently on Medicare. This number is expected to swell to 79 million over the next decade, which will presumably result in fewer covered services and more financial responsibility passed on to retirees. Combine this enrollment expansion with an inflation rate that is expected to double Social Security COLAs and a very clear picture emerges: Americans who fail to save for future medical expenses may not be able to afford quality care through retirement. This paper provides cost projection details that shed light on this growing retirement challenge.