Aging and the Increasing Costs of Healthcare

A&I Wealth Management > Blog > Aging and the Increasing Costs of Healthcare

In our most recent Lunch and Learn, Ryan from Transamerica taught us about the increasing costs of Healthcare in Retirement. One slide in particular took our breath away.

Here is an image of that slide:

Click the link to jump to Ryan’s presentation on Healthcare Cost Estimates .

Today’s 55 year-old is likely to spend approximately another $1 million dollars on healthcare during their lifetime! A 45-year-old is likely to spend more. Also surprising, the better your health the more you may spend. How is that?

Because the better your health, the greater your longevity. And if you look in the table above, you will find that the largest amount of money that most people spend on healthcare in retirement are the premiums they pay, not necessarily the out of pocket expenses.

OOPS: Out Of Pocket Expenses. These can really add up for a person with a bad health condition, or an expensive medicine.

Join us for a special Lunch and Learn October 26th at 11:30AM in person or via Zoom. Karl and special guest, Vanessa Johnston, will discuss The Three Plans We Need as We Age. The first plan is an aging plan. This should give you some great talking points with your financial planner!

Click here to view the Guide To Guardianship.

About the author

Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.