Longer lifespans and rising health care costs are driving investors to control their financial exposure to uncovered bouts of care— particularly in retirement. According to the U.S. Centers for Medicare and Medicaid Services, the U.S. spent approximately $4.1 trillion on health care in 2020, or nearly $12,530 per person. Overall spending rose 9.7% in 20201 ,faster than the pace of inflation or wage growth. As spending rises, patients are also shouldering a larger share of treatment costs—driving up out-of-pocket expenses. The elderly, who require the most care, often bear the brunt of the costs.
As the above statistics show, it is important to take steps to minimize your financial exposure to uncovered medical costs, which could potentially include long-term care expenses. However, unlike retirement planning where you are saving to afford a desired lifestyle for after your working years, planning for the less palatable aspects of aging can be more challenging.
READ THE FULL ARTICLE BY DAVID CHISHOLM IN THE 2023 SPRING EDITION OF GAMING & LEISURE MAGAZINE.