PRESS RELEASE - HEALTH CARE PRICE CHECK: A COUPLE RETIRING TODAY NEEDS $285,000 (£220,000) AS MEDICA
Please find the recent press release from Fidelity Investments® issued in the USA here, containing their annual Retiree Health Care Cost Estimate.
Mark Sullivan, Head of International Benefits Consulting at Fidelity Workplace Consulting has commented on the report and the learning's the UK should consider below:
Mark Sullivan, Head of International Benefits Consulting, Fidelity Workplace Consulting, commented: "Whilst people in the UK can still largely rely on the NHS to cover their healthcare needs, the environment is changing and these figures from the US show how the trend is moving. As more and more people seek private healthcare in the UK and companies continue to offer supplementary health benefits as part of an employment package, the effects of regulation and economic uncertainty can take their toll on premiums and, therefore, affordability - as our US research demonstrates.
"There are also important parallels to be drawn from healthcare saving in the US and retirement saving in the UK. It is vital for people to begin saving as early as possible and to gain the benefits of greater contributions and compound interest to build up their funds for later life. There are also lessons to be learned around understanding your options and entitlements, as well as the technicalities of products, for when you come to use these funds. Engaging with the process from the outset and getting the best advice will be crucial if later life care costs continue to rise as our research has shown."
Notes to Editors
About Fidelity Workplace Consulting
Fidelity Workplace Consulting helps global employers assess the effectiveness of their global benefits programs. The business provides a holistic approach to benefits design, strategy, funding, communications and delivery by looking at clients’ health care and retirement plans before diagnosing business solutions. The group’s specialties include retirement and health care plan consulting, international benefits consulting, custom data and administration solutions, compliance, mergers & acquisitions, communication campaigns and change management, plus much more. They look to provide employers with a different perspective to their situation by offering comprehensive solutions leveraging exclusive intelligence from the clients and participants Fidelity services. Fidelity Workplace Consulting has offices located in major cities - Boston, Chicago, London, Merrimack NH, New York City, Raleigh NC, San Francisco, Smithfield RI, and Westlake TX.
About Fidelity Investments
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $6.9 trillion, including managed assets of $2.5 trillion as of February 28, 2018, we focus on meeting the unique needs of a diverse set of customers: helping more than 27 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.