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Average Retiree Will Spend 31% of Social Security Income on Medical Care

An article published by USA Today this week highlights one of the most expensive aspects of retirement for most Americans: health care. A December 2021 AARP report revealed a few key statistics—let’s take a look.  

31% of Social Security Income (SSI) in retirement could be used to cover medical care costs.

The average Social Security benefit in 2022 is $1,657 per month or $19,884 per year. Retired Americans can expect to use up to one-third of their annual benefit on health care costs alone.  

$6,168 per year is the average cost of medical services and co-pays for retired Americans.

Retired individuals with Medicare will need to budget a significant amount to help cover the cost of their insurance co-pays and other uncovered health costs.  

Finding Relief for Overwhelming Medical Expenses

While these numbers represent a significant financial burden during retirement, an unexpected medical crisis can amplify them even further 

No one is immune from the sudden and devastating impact of a medical crisis, from a cancer diagnosis to a catastrophic injury—including the associated out-of-pocket medical costs. Whether you rely on Medicare, Medicaid, or private insurance during retirement, no insurance policy covers every medical and related cost that an individual facing a sudden diagnosis or injury will experience.  

At Help Hope Live, we want to be part of the solution. If you or someone you love experiences a sudden medical event and an associated financial burden, our nonprofit can help you start a trusted, secure, and medically verified fundraising campaign 

Community support is a critical ingredient to your ability to heal, live, and thrive after a sudden health event. With one-on-one support, a trusted nonprofit reputation, and the ability to facilitate tax-deductible donations that won’t impact your eligibility for state-based benefits, including SSI, our nonprofit can provide help and hope at a time of overwhelming need.

Discover how we’re different from crowdfunding platforms like GoFundMe and how to submit a campaign request or refer a friend to our nonprofit today: 

Written by Emily Progin