In light of surging medical costs, Fidelity Investments estimates that the average 65-year-old couple retiring today will need $190,000 to cover medical costs over the next 15 to 20 years.

That figure is up 8.6% from last year's estimate of $175,000. The estimate includes approximate expenses for Medicare Part B and D premiums, Medicare cost-sharing provisions--co-payments, co-insurance, deductibles and excluded benefits--and prescription drug out-of-pocket costs. It does not include over-the-counter medications, most dental services and long-term care.

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