But that doesn't include any costs associated with nursing-home care, which average more than $50,000 a year. It also fails to account for the fact that out-of-pocket insurance costs are continuing to rise, making it harder to project future health-care expenditures.
"A lot of people think, 'Oh, when I hit 65, I'll be eligible for Medicare and that will solve all of my cost issues,'" said Nicole Duritz, vice president of health and family for AARP. "While Medicare is a very comprehensive insurance program … like all insurance policies, there are things that are not covered."
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Effective savings strategies, however, can help create a cushion in your nest egg for health-care needs.
So, too, can lifestyle changes that reduce your need for medical intervention. If, for example, you quit smoking or, if prediabetic and seek early intervention, you are far more likely to remain healthy, Duritz said.
"There are things you can do that will make your health-care costs more affordable," she said.