Retirement might not exactly come as a relief now to the 65-year-old retiring couples as in 2009 the medical expenses have risen to approximately $240,000, up from $225,000 in 2008, and the expense is expected to keep rising according to a new study. The Fidelity Investments study assumes no employer-provided insurance and a life expectancy of 17 years for the man and 20 years for the woman.

Over the past seven years, the sum needed for retiree health care costs has shot up by $80,000, or 50 percent from $160,000 in 2002.

"A lot of individuals feel today that Medicare covers a vast majority of costs," said Sunit Patel, a senior vice president at Boston-based Fidelity.

"There are deductibles and co-payments and things that aren't covered that people aren't aware of until they get there unless they have a parent that they're helping navigate the system," said Paul Fronstin, director of health research and education at the Employee Benefit Research Institute.