The typical husband and wife who retire today will need $295,000 to cover post-retirement health care costs, according to the Employee Benefit Research Institute.

The $295,000 estimate assumes an average life expectancy of 82 for men and 85 for women.

If a husband and wife both live to age 95, they will need about $550,000 to cover premiums and out-of-pocket expenses, according to EBRI, Washington.

Both estimates are for retirees who have access to retiree health benefits from a former employer but pay the full premium. The estimates also include out-of-pocket expenses for health care during retirement, but they do not include expenses for long term care, EBRI says.

“As high as they are, these projections are probably underestimating the amount of money needed in retirement for health care expenses,” writes Paul Fronstin, an EBRI health finance specialist. “If health care costs increase faster than projected, or if individuals live beyond average life expectancy, retirees will need more money.”