Retirement Healthcare Cost Calculator

Medical spending in retirement ranks among the largest costs people fail to plan for, and the totals can be startling. To anchor the math, this tool starts from Fidelity's 2023 estimate that a couple retiring at age 65 in 2026 will need roughly $315,000, then reshapes that benchmark around your own situation so the figure reflects you rather than an average household.

From that base, the projection layers in the factors that move costs the most: the age you expect to retire, your current health, and the level of coverage you want to carry. An average annual healthcare inflation rate, estimated at 5.5% for 2026 and beyond, compounds those costs across the years between retirement and your projected life expectancy. The underlying formula multiplies the inflation-adjusted base by adjustment factors for health status and coverage choices to reach a personalized lifetime total.

Treat the result as a planning range, not a fixed bill, because a serious illness, a shift in healthcare policy, or your own spending patterns can pull the real number well above or below it. Two gaps deserve special attention: Medicare leaves plenty uncovered through premiums, deductibles, and co-pays, so out-of-pocket spending continues throughout retirement; and long-term care, which traditional health insurance generally excludes, can dwarf everything else if the need arises.