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Lifetime Medical Spending of Retirees, No. 19-05

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Lifetime Medical Spending of Retirees, No. 19-05

DATE: May 2019

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ABSTRACT: Retirees face considerable medical expenses during their remaining lives. Model simulations suggest that although a large amount of that spending can be predicted — based on attributes such as income, health, and marital status — there remains significant dispersion. Households with heads who turned seventy in 1992 will incur $122,000 in medical spending on average, including out-of-pocket expenditures and Medicaid payments. But the top 5 percent of households will incur more than $300,000 in such spending. The level and dispersion of this spending diminish only slowly with age.

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Jones, John Bailey , Steelman, Aaron and Federal Reserve Bank of Richmond. "Lifetime Medical Spending of Retirees, No. 19-05," Economic Brief (May 2019). https://fraser.stlouisfed.org/title/6034/item/583984, accessed on May 24, 2022.

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