Make us your home page
Instagram

AARP offers free health cost calculator

If you're like most people in their 50s and early 60s, you haven't started saving for the medical care you'll need after you stop working.

Only about a third of such Americans have tried to estimate how much money they'll need and have set aside money for those expenses, according to a recent survey by the retiree advocacy group AARP.

The survey found that more than four in 10 adults between 50 and 64 (or 42 percent) think they'll need less than $100,000 to cover out-of-pocket health expenses during their retirement. Sixteen percent think they'll need less than $50,000.

That suggests many people are in for a rude awakening. An average couple retiring at age 65 this year is estimated to need $220,000 for their out-of-pocket health care costs in retirement, according to Fidelity Investments.

The catch with such estimates, of course, is that your personal situation can differ. AARP is introducing a new online health-costs calculator to help people obtain a more customized estimate.

The new tool, created with OptumHealth, a unit of UnitedHealthcare, has been in the works for several years and is based on a proprietary database of more than $136 billion in insurance claims. The tool is available free on AARP's website.

You don't have to register or give your name or address to use the tool, but you will need to enter information such as your age, gender, height and weight, as well as where you expect to live in retirement. (The site says it doesn't collect any personal information on users.) Then, you click on a list of 82 medical conditions — like diabetes, arthritis, heart disease or anxiety — to build a health profile. The tool assumes users have coverage under traditional Medicare, the federal health insurance program for people 65 and older.

The tool shows an estimated total tab; what portion Medicare is expected to cover; and what your out-of-pocket costs may be. It also offers suggestions for improving your health to help lower your costs.

On the Web

You can find the AARP health care cost calculator at tinyurl.com/kp4uqvs.

AARP offers free health cost calculator 01/10/14 [Last modified: Friday, January 10, 2014 11:27pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, New York Times.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Last steel beam marks construction milestone for Tom and Mary James' museum

    Growth

    ST. PETERSBURG — Tom and Mary James on Wednesday signed their names to the last steel beam framing the 105-ton stone mesa that will be built at the entrance of the museum that bears their name: the James Museum of Western and Wildlife Art.

    The topping-out ceremony of the James Museum of Western & Wildlife Art was held Wednesday morning in downtown St. Petersburg. Mary James (from left), husband Tom and Mayor Rick Kriseman signed the final beam before it was put into place. When finished, the $55 million museum at 100 Central Ave. will hold up to 500 pieces of the couple's 3,000-piece art collection. [Courtesy of James Museum of Western & Wildlife Art]
  2. Heights Public Market to host two Tampa Bay food trucks

    Business

    TAMPA — The Heights Public Market announced the first two food trucks for its "rotating stall," which will feature new restaurants every four months. Surf and Turf and Empamamas will be rolled out first.

    Heights Public Market is opening this summer inside the Tampa Armature Works building.
[SKIP O'ROURKE   |   Times file photo]

  3. Author Randy Wayne White could open St. Pete's biggest restaurant on the pier

    Food & Dining

    ST. PETERSBURG — The story begins with Yucatan shrimp.

    St. Petersburg Deputy Mayor Kanika Tomalin, pilot Mark Futch, Boca Grande, St. Petersburg Mayor Rick Kriseman, and author and businessman Randy Wayne White,  Sanibel, exit a Maule Super Rocket seaplane after taking a fight around Tampa Bay off the St. Petersburg waterfront, 6/28/17.  White and his business partners are in negotiations with the City of St. Petersburg to build a fourth Doc Ford's Rum Bar & Grille on the approach to the St. Petersburg Pier with a second event space on the pier according to White. The group met near Spa Beach after a ground breaking ceremony for the new pier. "We want to have our business open by the time the pier opens," said White. Other Dr. Ford restaurants are located on Sanibel, Captiva and Ft. Myers Beach. SCOTT KEELER   |   Times
  4. Guilty plea for WellCare Health Plans former counsel Thaddeus Bereday

    Business

    Former WellCare Health Plans general counsel Thaddeus M.S. Bereday pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District …

    WellCare Health Plans former general counsel Thaddeus M.S. Bereday, pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District of Florida stated Wednesday. [LinkedIn handout]
  5. DOT shows alternatives to former Tampa Bay Express toll lanes

    Transportation

    TAMPA — State transportation officials are evaluating at least a half-dozen alternatives to the controversial Tampa Bay interstate plan that they will workshop with the community over the next 18 months.

    Florida Department of Transportation consultant Brad Flom explains potential alternatives to adding toll lanes to Interstate 275 during a meeting Wednesday at the DOT’s Tampa office. Flom presented seven diagrams, all of which swapped toll lanes for transit, such as light rail or express bus, in the I-275 corridor from downtown Tampa to Bearss Avenue.