AARP recently released a healthcare costs calculator designed to help individuals plan for their healthcare expenses in retirement.
According to a recent AARP poll, only 36% of older Americans have planned for medical expenses that aren't covered by insurance. This is true despite the fact that out-of-pocket health care expenses can total more than $200,000 over a retired couple's life span, according to various studies.
Jean Setzfand, vice president for financial security at AARP, stated that the simple-to-use calculator can help retirees prepare for these financial matters.
"The free Health Care Costs Calculator can play an important and often overlooked role as families and individuals plan for retirement," said Setzfand. "Health care costs can have a significant impact on retirement savings. With this calculator, AARP aims to help more Americans confidently plan for and achieve retirement goals."
According to AARP, the calculator estimates health expenses for retirees based on their current medical conditions, as well as personal information specific to each individual, such as age, height and weight.
Concerns over costs may be one of the reasons many Americans are opposed to the Affordable Care Act. According to a recent Kaiser Family Foundation poll, nearly 50% of respondents said that they had a negative view of the health reform law, while just over one-third expressed support.