Those are impressive results. But here’s the problem. They don’t represent nearly enough in the way of benefits to take care of my healthcare costs alone much less handle incidentals like heating and groceries. If I were married, my spouse and I would need to be able to pony up $220,000 in out-of-pocket medical costs sometime between our turning 65 and our deaths according to this study, which was happy to report a decrease of $20,000 in costs since last year. I can hear my mother’s voice saying, “That’s nice dear but I don’t have $220,000.” Neither do I and I don’t have the additional $50,000 or more I’d need for long term care either. Which makes me about average. Millions of us will not be ready to take on the expenses related to our own aging and that could prove catastrophic since many of us won’t turn 65 this year when Medicare and Social Security are fairly healthy. We’ll turn 65 when those programs are likely to have experienced some steep cuts in benefits.
How will you plan for that sort of future? Isn’t it time your planning got more proactive? There are two options: Do everything you can to protect your health and hope you die before it disappears or start a financial plan to take into account your future health care costs. Attend a free seminar (another great bargain) to find out how to start planning.
