Suze Orman cited a Fidelity estimate that someone turning 65 this year who enrolls in Original Medicare could spend about $185,500 out of pocket on health care over the rest of their life. The estimate is 7.5% higher than last year and excludes ongoing long-term care.
Orman emphasized that the figure is a lifetime estimate, not a bill due at enrollment; a 65-year-old woman in average health could spread the spending over more than two decades. She urged people in their 30s, 40s and 50s to save as much as possible toward later health costs.
Original Medicare leaves beneficiaries responsible for deductibles, coinsurance and other out-of-pocket expenses; Medigap can help with covered costs but charges a premium. Medicare Advantage can have lower upfront premiums, but still includes cost-sharing and may require use of a provider network. Neither generally covers ongoing long-term care. The Administration for Community Living says a 65-year-old has roughly a 70% chance of needing such services at some point.
