Back to Basics #5: Planning for Health Care Expenses
Similarly, if you invest wisely and consistently, you have the potential to grow your money for the future . That means you’ll have a better chance of being able to afford any health care costs that pop up in the future.
and cancer can extract a high toll on your finances as well as your health. Most people don’t realize this, but one of the best ways to ensure a financially secure future is to take care of your body in the present. Over the last few months, I’ve tried to share a few basic tips on how to plan for and secure a bright financial future. They may seem overly simple, but they’re fundamental to your financial health. Remember: “Winners don’t just learn the fundamentals, they master them. You have to monitor your fundamentals constantly, because the only thing that changes will be your attention to them.”
3. Consider long-term care insurance.
Important disclaimer: not everyone will need long-term care or assisted living in their lives. That said, many people do, and long-term care (LTC) insurance is one of the best ways to pay for it. It can be beneficial to purchase LTC insurance sooner rather than later, as premiums can get higher as you grow older. However, LTC is expensive in and of itself, so give the subject a lot of careful consideration before making a decision. I’m a financial advisor, not a doctor or trainer, so I’m not in the business of providing tips on healthy living. But this tip is just common sense, and it’s amazing how often it gets overlooked. Keeping yourself healthy now can save you a lot of money in the future. By getting regular exercise, eating a healthy diet, sleeping enough, and quitting smoking (among other things) you can give yourself a better chance of avoiding future medical problems. Conditions like high blood pressure, diabetes, 4. Keep your body healthy.
– Michael Jordan
By mastering the fundamentals of financial planning, you will get yourself much closer to achieving the future you’ve always dreamed of.
That’s it for my Back to Basics letters. I hope you’ve enjoyed reading them. Here’s to the future!
1 Elizabeth O’Brien, “Here’s How Much the Average Couple Will Spend on Health Care Costs in Retirement,” Time Magazine , April 19, 2018. http://time.com/money/5246882/heres-how-much-the-average-couple-will-spend-on-health-care-costs-in-retirement/
2 Sudipto Banerjee, “Cumulative Out-of-Pocket Health Care Expenses After the Age of 70,” Employee Benefits Research Institute , April 3, 2018. https://www.ebri.org/pdf/briefspdf/EBRI_IB_446.pdf
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