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Planning to Live to 100? Make Sure Your Health Care Coverage is Ready

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Retirement planning takes on an interesting challenge when you have to make your money last to 100.  Yet that’s the challenge more people will face in the coming years.

By 2050 the number of centenarians will grow to about 3,676,000 worldwide.  Today there are just 451,000, according to the Pew Research Center.

Why are more people living so much longer? Advancements in public health and medicine account for most of the increase.

But even at such growth rates, your odds of living to 100 are still pretty slim.  Today there are about 9 centenarians for every 10,000.

But did you know the fastest segment of the 65 plus population is those 80 and older? 

So whether you are planning for retirement or living in retirement make sure you are setting realistic expectations of how long you might live by looking at both your health and family health history.

Don’t underestimate the cost of health care as you age in your planning.         

The longer you live the more you will spend on health care as you include more years of paying Medicare insurance premiums, deductibles and co pays.

  • According to the Employee Benefits Research Institute (EBRI) , in 2015, a 65-year-old man needs $68,000 in savings and a 65-year-old woman needs $89,000 if each has a goal of having a 50 percent chance of having enough money saved to cover health care expenses in retirement.
  • If either instead wants a 90 percent chance of having enough savings, $124,000 is needed for a man and $140,000 is needed for a woman. This analysis does not factor in the savings needed to cover long-term care expenses.

The older you are the more likely you will need long term care services.  Long term care costs are going up.  According to the Genworth 2016 Cost of Care study.  The average cost of a year in a nursing home is approaching $100,000 while in home care for 8 hours per day approaches $50,000.

Being financially prepared for living longer means that you should always review your health insurance coverage to make sure you still have the right coverage for this stage of your life.  Many Medicare supplement plans increase the rate based on your age every year.  Others don’t.  Know the difference with the help of an objective health plan advisor.

Long term care insurance can spare your family great financial stress by covering some of the costs of long term care.  The younger you are the more affordable the coverage is.  But even if you are older there are critical care insurance policies that can help you cover future costs.

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