MyPlanner Beta: Healthcare Cost Planning

Step 12 of 15 Healthcare Planning

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Estimate your healthcare costs in retirement including Medicare, supplemental insurance, and out-of-pocket expenses.

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🎯 Step 1: Retirement Readiness 💰 Step 2: Social Security Timing 💳 Step 3: Safe Spending Limit 📊 Step 4: Annual Budget 🏦 Step 5: Withdrawal Strategy 🛡️ Step 6: Life Insurance Needs 🔄 Step 7: Scenario Compare 🏛️ Step 8: Roth Conversion Optimizer 🎲 Step 9: Monte Carlo Risk Analysis 💸 Step 10: Debt Management 📈 Step 11: Asset Allocation 🏥 Step 12: Healthcare Planning 🏠 Step 13: Housing Decision 📜 Step 14: Estate Planning 📋 Step 15: Financial Plan Summary
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Cost Projection

Enter your health profile to estimate retirement healthcare costs.

📖 Methodology & Guidance

Inputs: Your current age, retirement age, marital status, current medical spending, and estimated retirement income (MAGI for IRMAA).

Outputs: Estimated annual and lifetime healthcare costs from age 65 to 90, including Medicare Part B premiums (income-adjusted via IRMAA), Medigap/Medicare Advantage premiums, Part D drug coverage, and out-of-pocket expenses with healthcare inflation.

How to use: Use this to budget for healthcare in retirement. Fidelity estimates a retired couple (age 65) needs approximately $300,000 saved for healthcare costs. Your number depends on income, health status, and coverage choices.

Important: This estimate does not include long-term care (nursing home, assisted living) which can cost $50,000-$100,000+ per year. Consider LTC insurance separately.

📖 Key Terms

IRMAA — Income-Related Monthly Adjustment Amount: extra Medicare premium charge if income exceeds thresholds
MAGI — Modified Adjusted Gross Income: used to determine IRMAA and other income-based thresholds
COBRA — Continuation of employer health coverage after leaving a job (up to 18–36 months)
MDR — Medicare Part D: prescription drug coverage through Medicare

🔗 Related Calculators

Want to dive deeper into any of these topics? Try our standalone calculators for more detailed analysis:

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Powered by MyPlanIQ. Uses 2025 Medicare premium estimates. Healthcare cost projections are estimates only. For informational purposes. Not financial or medical advice.