Fidelity Investments’ annual projection indicates couples retiring this year can expect their medical bills throughout retirement to cost 4% more than those who retired a year ago. Reflecting the typical pattern of projected annual increases, a newly retired couple will need $240,000 to cover health care expenses. Fidelity cut the estimate for the first time last year citing the Affordable Care Act. However, health care costs are on the rise, so it’s raising the cost estimate from $230,000 in 2011. This year’s 4% increase is down from the annual average increase of 6% since Fidelity made its initial $160,000 calculation in 2002. The estimate factors in the federal program’s premiums, co-payments and deductibles, and out-of-pocket prescription costs. The estimate does not factor in most dental services or long-term care.