Retirement healthcare calculator
Healthcare Cost in Retirement Calculator
Estimate a simple retirement healthcare budget from Medicare-related premiums, prescriptions, dental and vision care, out-of-pocket costs, and inflation.
How this calculator works
This calculator adds your monthly healthcare budget items, converts the total into a first-year annual estimate, then compounds that annual estimate by your healthcare inflation assumption.
monthly healthcare budget = premiums + prescriptions + dental/vision/hearing + expected out-of-pocket care + reserve
future annual cost = first-year annual cost x (1 + healthcare inflation) ^ years
Worked example
If the editable example totals about $1,033 per month, the first-year estimate is about $12,395. With 4% annual healthcare inflation for 20 years, that annual estimate grows to about $27,158, or roughly $2,263 per month.
What this does not model
This tool does not choose a Medicare plan, quote insurance premiums, estimate IRMAA surcharges, model tax deductions, account for Medicaid eligibility, predict claims, or evaluate medical treatment. It is a budget worksheet for scenario planning.
Related tools & guides
- Plain-English guide: How to budget for healthcare costs in retirement
- Retirement income: Retirement Income Withdrawal Calculator
- Inflation planning: Inflation and COLA Impact Calculator
Frequently asked questions
How much should I budget for healthcare in retirement?
Start with recurring premiums, prescriptions, expected out-of-pocket care, dental and vision costs, and a reserve for care that may not be fully covered. Then test higher inflation rates.
Does this compare Medicare plans?
No. Use official Medicare resources and plan documents for plan comparisons. This page only organizes budget assumptions.
Does Medicare cover long-term care?
Medicare generally does not cover long-term custodial care. The reserve field is included so you can test that gap separately.
Should I use the default values?
No. Treat the defaults as an editable example. Replace them with your own premiums, prescriptions, plan costs, and expected out-of-pocket spending.
Important note
This page is educational only and is not financial, insurance, tax, legal, accounting, medical, Medicare, Medicaid, or benefits advice. For official Medicare cost information, start with Medicare.gov costs. For long-term care coverage rules, see Medicare.gov long-term care coverage.