Healthcare is a daunting proposition for all of us, not the least of which are folks north of 65. If you do not have enough money saved through retirement, savings, and traditional investment vehicles you are going to be challenged to grow old gracefully, with your health intact.
So what can you do?
Well for starters begin to create a plan that includes a pretty well defined budget. The average age of life expectancy for men and women in our country is as high as it has ever been, with men at just over 76 years of age, with the women faring five years better at an average of over 81 years. Even if you retire and begin taking social security at 70, you will have to plan for the rest of your life without a significant income, and one that could be dominated by increasing medical bills. Budget the essentials first, and then ancillary items to round out your budget. With a little bit of planning and budgeting, you can stretch your fixed income out to make your life as comfortable as possible before you are overwhelmed when and if a medical contingency arises.
You know the old saying…those who fail to plan….plan to fail!