The brief’s key findings are:
- Even with Medicare coverage and ignoring long term care, retirees face sizable out-of-pocket costs for premiums, copays, and uncovered services.
- One way to gauge this burden is to look at how much these medical costs eat into their Social Security benefits and other income.
- After subtracting these costs, the typical retiree has only 75 percent of Social Security and 88 percent of total income left.
- If health care costs continue to increase faster than incomes, these percentages will drop further.