Today's 65-year-old couple with an average life expectancy would need nearly $300,000 to cover health care premiums and out-of-pocket expenses for the rest of their lives, according to a study released in July 2006 by the Employee Benefit Research Institute (EBRI).

If the couple were to live until age 95, EBRI concluded, they would need $550,000. Both of those estimates would increase significantly if Medicare benefits are reduced, as is not unlikely given the program's financial problems.

The study also examines options individuals have for covering retiree health costs.

• Savings Needed to Fund Health Insurance and Health Care Expenses in Retirement