A 65-year-old retired couple this year would need $240,000 on average for the remainder of life to cover medical expenses, according to a recent study by Fidelity Investments.

The study assumed that the couple is covered by Medicare and has no employer-provided insurance. It also assumed that the male partner would have a life expectancy of 17 years, while the female partner would have a life expectancy of 20 years. The estimate includes Medicare deductibles, copayments and certain services that might not be covered by Medicare.

Of the medical expenses, Fidelity estimates that:

• 41% will be for Medicare copayments, coinsurance deductibles and excluded benefits;
• 30% will be for out-of-pocket prescription drug costs not covered by the Medicare drug benefit; and
• 29% will be for Medicare Part B premiums and the Medicare prescription drug benefit.

The $240,000 estimate is a 6.7% increase from last year's projection.

* The Henry J. Kaiser Family Foundation