Social Security giveth, medical costs taketh away
Retirees spent on average more than a third of their
In dollar terms, the typical retiree spent
"The premiums are huge," said
McInerney said she was surprised at the findings, however, when the team did incorporate spending on long-term care and found little difference in spending between seniors who needed those services and those who didn't. Survey respondents who said they or their spouse lived in a long-term care facility or received home health care services spent 19.2 percent of their total income on medical care, versus 17.8 percent for those who didn't need long-term care.
For the study, researchers analyzed 2002-14 data from the Health and Retirement Study. The sample was limited to people at least 65 years old who were receiving both
Overall, the average retiree's out-of-pocket medical spending declined 9 percent over the years studied from just under
However, medical costs for Medicare beneficiaries are expected to outpace the increase in
Credit: By
Caption: Medical spending took an 18 percent bite out of seniors' total retirement income, a recent study found.
Alexey Yuryevich Rotanov/Dreamstime
Mulligan received benefits despite law
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