Health Care Expenses Can Have Big Impact
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
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.
Experienced estate planning attorneys Garden City NY of the Law Offices of Saul
Kobrick P.C. offers estate planning and business planning resources to residents of
Garden City NY. To learn more about these free resources, please visit