Myth 2: Medicare Will Cover My Healthcare Expenses During Retirement
HealthView Insights reports that the total projected lifetime healthcare cost for a 65-year-old retiring this year with Medicare coverage and supplemental and dental insurance would be $321,994, as of 2017. According to these projections, that number will grow to $404,523 when deductibles, hearing, vision, copays and dental cost sharing are added in. If you aren’t making a sincere effort to build up your retirement savings now, you may not have enough in the bank to cover basic health care costs — even with Medicare.