When you are making plans for the latter stages of your life there are number of challenges involved, and perhaps foremost among them is the uncertainty that you face when you’re making projections. It can be a somewhat unsettling matter to consider but you have no way of knowing exactly how long you’re going to live, and a swing of ten or twenty years can have a very big impact financially. The health care costs that you incur can also vary a great deal, and this too is a relevant factor to consider.
The average life expectancy in the United States as of this writing is 78.4 years, but as you get older it becomes more likely that you will live past this average. Once you reach the age of 65 there’s a 50-50 chance that you will live past the age of 85, and indeed people 85 years old and older represent the fastest-growing segment of the American population. There’s also a 50-50 chance that either you or your spouse will reach the age of 92 once you both reach the age of 65.
So these days if you retire when you are around 65 years old you logically need to plan for perhaps 30 years or more into the future. It is estimated that the typical American will spend approximately $ 200,000 in out-of-pocket health care costs after they reach retirement age, the if you add in the cost of long-term care that number is closer to $ 600,000.
As an individual there is not a lot that you can do about the rising cost of health care and long-term care. However, one thing that is within your control is the lifestyle that you choose to live. According to the U.S. Department of Health and Human Services poor eating habits and lack of exercise are the root causes of preventable diseases that kill as many as 580,000 Americans each year.
It may sound like an overstatement of the obvious, but the best way to address the rising costs of medical care is to do everything possible to keep yourself healthy and recognize the financial ramifications of your lifestyle choices.
To learn more about health care and protect you from the cost of long term care, please visit the website of the experienced estate planning attorneys Garden City NY of the Law Offices of Saul Kobrick P.C. today.