GOBankingRates

The Depressing Amount You’ll Spend On Healthcare If You Live To Be 100

Petko Ninov / Getty Images/iStockphoto

Petko Ninov / Getty Images/iStockphoto

The United States will spend an estimated $3.8 trillion on healthcare in 2019, according to the Centers for Medicare and Medicaid Services, and that figure is only expected to rise. National health spending is projected to increase by an average rate of 5.5% per year and reach nearly $6 trillion by 2027, thanks in large part to the growing number of aging Americans. According to the U.S. Census Bureau, the 65-and-older population will swell to 83.7 million in 2050 — almost doubling the estimate from 2012.

While it’s fairly uncommon to live to be 100, a 2016 mortality analysis by the Centers for Disease Control and Prevention reported that the number of Americans age 100 and older increased by 43.6%, from 50,281 centenarians in 2000 to 72,197 such individuals in 2014. Currently, the average life expectancy in the U.S. is 78.6 years. So, how much will you spend on America’s expensive healthcare system if you live to see your 100th birthday?

To find the answer for all 50 states, GOBankingRates analyzed the cost of living for retirees ages 65 and older, sourced from the Bureau of Labor Statistics. The annual cost of healthcare was adjusted to each state’s local cost of living using the Missouri Economic Research and Information Center’s healthcare index and then multiplied out to account for 35 years of retirement. Note that the U.S. average healthcare index score is 100, which means that a score below 100 indicates lower healthcare-related expenses and a score over 100 indicates greater expenses.

The figures cited in GOBankingRates’ study are only average costs, and some people may spend far less — or much more — in retirement. However, these estimates can still help you understand how much you need to save if you live to be 100.

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1. Arkansas

  • Healthcare index: 85.2
  • Annual cost of healthcare: $5,708.40
  • Total cost of healthcare over 35 years: $199,794
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2. Tennessee

  • Healthcare index: 87.6
  • Annual cost of healthcare: $5,869.20
  • Total cost of healthcare over 35 years: $205,422

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3. Alabama

  • Healthcare index: 88.8
  • Annual cost of healthcare: $5,949.60
  • Total cost of healthcare over 35 years: $208,236
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4. Maryland

  • Healthcare index: 89.4
  • Annual cost of healthcare: $5,989.80
  • Total cost of healthcare over 35 years: $209,643
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5. West Virginia

  • Healthcare index: 89.6
  • Annual cost of healthcare: $6,003.20
  • Total cost of healthcare over 35 years: $210,112
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6. Kentucky

  • Healthcare index: 90.2
  • Annual cost of healthcare: $6,043.40
  • Total cost of healthcare over 35 years: $211,519
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7. Mississippi

  • Healthcare index: 91.5
  • Annual cost of healthcare: $6,130.50
  • Total cost of healthcare over 35 years: $214,567.50
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8. Pennsylvania

  • Healthcare index: 92.3
  • Annual cost of healthcare: $6,184.10
  • Total cost of healthcare over 35 years: $216,443.50
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9. Michigan

  • Healthcare index: 92.6
  • Annual cost of healthcare: $6,204.20
  • Total cost of healthcare over 35 years: $217,147
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10. Oklahoma

  • Healthcare index: 94.1
  • Annual cost of healthcare: $6,304.70
  • Total cost of healthcare over 35 years: $220,664.50
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11. Indiana

  • Healthcare index: 95.1
  • Annual cost of healthcare: $6,371.70
  • Total cost of healthcare over 35 years: $223,009.50

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12. Utah

  • Healthcare index: 95.6
  • Annual cost of healthcare: $6,405.20
  • Total cost of healthcare over 35 years: $224,182
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13. Texas

  • Healthcare index: 95.8
  • Annual cost of healthcare: $6,418.60
  • Total cost of healthcare over 35 years: $224,651
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14. Arizona

  • Healthcare index: 96.2
  • Annual cost of healthcare: $6,445.40
  • Total cost of healthcare over 35 years: $225,589
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15. Florida

  • Healthcare index: 96.3
  • Annual cost of healthcare: $6,452.10
  • Total cost of healthcare over 35 years: $225,823.50
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16. Louisiana

  • Healthcare index: 96.5
  • Annual cost of healthcare: $6,465.50
  • Total cost of healthcare over 35 years: $226,292.50
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17. Ohio

  • Healthcare index: 96.8
  • Annual cost of healthcare: $6,485.60
  • Total cost of healthcare over 35 years: $226,996
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18. South Carolina

  • Healthcare index: 96.9
  • Annual cost of healthcare: $6,492.30
  • Total cost of healthcare over 35 years: $227,230.50
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19. Missouri

  • Healthcare index: 97.4
  • Annual cost of healthcare: $6,525.80
  • Total cost of healthcare over 35 years: $228,403
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20. Georgia

  • Healthcare index: 97.7
  • Annual cost of healthcare: $6,545.90
  • Total cost of healthcare over 35 years: $229,106.50
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21. Kansas

  • Healthcare index: 97.8
  • Annual cost of healthcare: $6,552.60
  • Total cost of healthcare over 35 years: $229,341
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22. Iowa

  • Healthcare index: 98.2
  • Annual cost of healthcare: $6,579.40
  • Total cost of healthcare over 35 years: $230,279

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23. Wyoming

  • Healthcare index: 98.6
  • Annual cost of healthcare: $6,606.20
  • Total cost of healthcare over 35 years: $231,217
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24. Idaho

  • Healthcare index: 98.7
  • Annual cost of healthcare: $6,612.90
  • Total cost of healthcare over 35 years: $231,451.50
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25. Virginia

  • Healthcare index: 98.9
  • Annual cost of healthcare: $6,626.30
  • Total cost of healthcare over 35 years: $231,920.50
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26. Nebraska

  • Healthcare index: 99.4
  • Annual cost of healthcare: $6,659.80
  • Total cost of healthcare over 35 years: $233,093
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27. Delaware

  • Healthcare index: 99.8
  • Annual cost of healthcare: $6,686.60
  • Total cost of healthcare over 35 years: $234,031
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28. Illinois

  • Healthcare index: 99.8
  • Annual cost of healthcare: $6,686.60
  • Total cost of healthcare over 35 years: $234,031
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29. New Mexico

  • Healthcare index: 101.1
  • Annual cost of healthcare: $6,773.70
  • Total cost of healthcare over 35 years: $237,079.50
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30. Montana

  • Healthcare index: 101.4
  • Annual cost of healthcare: $6,793.80
  • Total cost of healthcare over 35 years: $237,783
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31. Vermont

  • Healthcare index: 102
  • Annual cost of healthcare: $6,834
  • Total cost of healthcare over 35 years: $239,190
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32. Colorado

  • Healthcare index: 102.8
  • Annual cost of healthcare: $6,887.60
  • Total cost of healthcare over 35 years: $241,066
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33. New Jersey

  • Healthcare index: 104.1
  • Annual cost of healthcare: $6,974.70
  • Total cost of healthcare over 35 years: $244,114.50

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34. New York

  • Healthcare index: 104.2
  • Annual cost of healthcare: $6,981.40
  • Total cost of healthcare over 35 years: $244,349
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35. South Dakota

  • Healthcare index: 106.1
  • Annual cost of healthcare: $7,108.70
  • Total cost of healthcare over 35 years: $248,804.50
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36. Nevada

  • Healthcare index: 107.1
  • Annual cost of healthcare: $7,175.70
  • Total cost of healthcare over 35 years: $251,149.50
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37. North Carolina

  • Healthcare index: 109.8
  • Annual cost of healthcare: $7,356.60
  • Total cost of healthcare over 35 years: $257,481
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38. Rhode Island

  • Healthcare index: 110
  • Annual cost of healthcare: $7,370
  • Total cost of healthcare over 35 years: $257,950
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39. Minnesota

  • Healthcare index: 110.6
  • Annual cost of healthcare: $7,410.20
  • Total cost of healthcare over 35 years: $259,357
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40. North Dakota

  • Healthcare index: 111.5
  • Annual cost of healthcare: $7,470.50
  • Total cost of healthcare over 35 years: $261,467.50
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41. California

  • Healthcare index: 111.7
  • Annual cost of healthcare: $7,483.90
  • Total cost of healthcare over 35 years: $261,936.50
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42. Wisconsin

  • Healthcare index: 113
  • Annual cost of healthcare: $7,571
  • Total cost of healthcare over 35 years: $264,985
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43. Oregon

  • Healthcare index: 113.2
  • Annual cost of healthcare: $7,584.40
  • Total cost of healthcare over 35 years: $265,454
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44. Connecticut

  • Healthcare index: 114.3
  • Annual cost of healthcare: $7,658.10
  • Total cost of healthcare over 35 years: $268,033.50

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45. New Hampshire

  • Healthcare index: 116.7
  • Annual cost of healthcare: $7,818.90
  • Total cost of healthcare over 35 years: $273,661.50
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46. Hawaii

  • Healthcare index: 117.9
  • Annual cost of healthcare: $7,899.30
  • Total cost of healthcare over 35 years: $276,475.50
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47. Massachusetts

  • Healthcare index: 118.6
  • Annual cost of healthcare: $7,946.20
  • Total cost of healthcare over 35 years: $278,117
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48. Washington

  • Healthcare index: 118.8
  • Annual cost of healthcare: $7,959.60
  • Total cost of healthcare over 35 years: $278,586
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49. Maine

  • Healthcare index: 118.9
  • Annual cost of healthcare: $7,966.30
  • Total cost of healthcare over 35 years: $278,820.50
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50. Alaska

  • Healthcare index: 146.7
  • Annual cost of healthcare: $9,828.90
  • Total cost of healthcare over 35 years: $344,011.50

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Methodology: GOBankingRates looked at all 50 states and Washington, D.C., in terms of cost of living for retirees ages 65 and older in order to discover how much you would need saved in every state if you live to age 100. First, GOBankingRates found the cost-of-living indices for each state in the following categories: grocery, housing, utilities, transportation, healthcare and miscellaneous, all sourced from the Missouri Economic Research and Information Center’s 2019 second-quarter cost-of-living data series.

To determine the total cost of living, GOBankingRates calculated (1) the annual cost of food/groceries, based on the “food at home” annual expenditure for a person 65 and older, sourced via the Bureau of Labor Statistics’ Consumer Expenditure Survey from the third quarter of 2017 through the second quarter of 2018 (this cost was then adjusted to each state’s cost of living using the Missouri Economic Research and Information Center’s grocery index); (2) annual cost of housing, based on the “shelter” annual expenditure for a person 65 and older, sourced via the Bureau of Labor Statistics’ Consumer Expenditure Survey from the third quarter of 2017 through the second quarter of 2018 (this cost was then adjusted to each state’s cost of living using the Missouri Economic Research and Information Center’s housing index); (3) annual cost of utilities, based on the “utilities, fuels and public services” annual expenditure for a person 65 and older, sourced via the Bureau of Labor Statistics’ Consumer Expenditure Survey from the third quarter of 2017 through the second quarter of 2018 (this cost was then adjusted to each state’s cost of living using the Missouri Economic Research and Information Center’s utilities index); (4) annual cost of healthcare, based on the “healthcare” annual expenditure for a person 65 and older, sourced via the Bureau of Labor Statistics’ Consumer Expenditure Survey from the third quarter of 2017 through the second quarter of 2018 (this cost was then adjusted to each state’s cost of living using the Missouri Economic Research and Information Center’s healthcare index); (5) annual cost of transportation, based on the “gasoline, other fuels and motor oil” and “other vehicle expenses” annual expenditure for a person 65 and older, sourced via the Bureau of Labor Statistics’ Consumer Expenditure Survey from the third quarter of 2017 through the second quarter of 2018 (this cost was then adjusted to each state’s cost of living using the Missouri Economic Research and Information Center’s transportation index); and (6) annual cost of miscellaneous purchases, based on the “miscellaneous” annual expenditure for a person 65 and older, sourced via the Bureau of Labor Statistics’ Consumer Expenditure Survey from the third quarter of 2017 through the second quarter of 2018 (this cost was then adjusted to each state’s cost of living using the Missouri Economic Research and Information Center’s miscellaneous index).

Factors No. 1-6 were then combined to calculate (7) the total annual cost of living, which was then factored out by 35 years (65 is generally considered retirement age) to give (8) the total cost of living over 35 years. GOBankingRates took factor No. 8 and doubled it to estimate (9) how much you would need saved to “live comfortably” to 100. This figure was calculated this way because according to the 50/30/20 budgeting rule, necessities should make up 50% of your expenses. Thus, you should have double saved up in order to “live comfortably.” The median household income from each state was gathered as supplemental data and sourced from the United States Census Bureau’s 2017 American Community Survey. All data used to conduct this study was compiled and verified on Aug. 27, 2019.

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