Retirement can be a relaxing and satisfying stage of life, though it may come with some challenges. The greatest challenge many face, is planning for their financial futures. Health care can be one of the greatest expenses for retirees- and those costs are continuously growing.
An estimate done by HealthView Services, a cost projection software provider, says that a typical 65-year-old man who lives an average lifespan will spend roughly $189,687 in today’s dollars on medical care in retirement. Meanwhile, a typical 65-year-old woman will spend roughly $214,565 since women tend to live longer. While these numbers are not small by any means, they also do not include priorities such as hearing, vision and dental care, and other health expenses such as over the counter medications and Long-Term Care.
While these are just cost estimates, without being able to predict the future of our health status, longevity and area of residence, these numbers could go down for some, but up for others- and that is a terrifying thought for anyone. Not making a plan for the future could be catastrophic. In fact, during a recent Transamerica survey, 45% of people polled listed long-term care as a retirement fear.
Americans are living longer than ever before, and that means they're increasingly suffering illness or injury that limits their independence. More than two out of every three Americans turning 65 this year will require long-term care at some point in their lifetime, reports the Department of Health and Human Services.
If you have any health concerns regarding your future, now is the time to start investigating what your options may be. For instance, Long Term Care insurance is generally cheaper if you purchase a plan while you are in your 50’s rather than when you are in your 60’s.
There are also life plans we offer that cover Chronic, Critical and Terminal Care.
Nobody said it would be easy to live a long life. But if you put plans in place now to address your fears, you can enjoy your life knowing you’ve done the best you can to prepare, come what may.
We are here for you, we care about you, and we would love you to have the opportunity to talk to one of our licensed Trusted Senior Specialists agents, give us a call: