More baby boomers are pushing back their retirements and working longer, even as the recovery of the stock market replenishes portfolios that were depleted during the recession.

The reason: health care expenses.

The cost of medical care for a 65-year-old couple retiring this year is $220,000 over the remainder of their lives, according to new estimates by Fidelity Investments.

Th estimate assumes the couple has traditional Medicare, the government sponsored health plan for the elderly, and assumes life expectancies of 17 years for men and 20 years for women.

The estimate includes Medicare premiums, deductibles and co-insurance - the portion of medical care paid for by the patient - for health care and prescription drugs. The $220,000 does not include most dental care, over-the-counter drugs or long-term care.

Fidelity said health care costs are likely to be among the largest expenses in retirement.

"It will consume a considerable amount of a couple's retirement savings," said Brad Kimler, executive vice president of Fidelity's Benefits Consulting Business.

A recent poll by Fidelity of people aged 55 to 64 found 48 percent of respondents think they will need only $50,000 to pay for health care in retirement.

As people get closer to retirement and start to calculate the costs of medical care after they leave employer-sponsored plans, many decide to work longer to put aside more money to cover the costs of health care.

Originally posted here:

Health care costs push off baby boomers' retirement plans