Are You Considering Chronic Illness Risk in Your Retirement Plan? 

Are You Considering Chronic Illness Risk in Your Retirement Plan? 

When an individual is in the process of considering a life insurance plan with a term that extends into their retirement, often times risk of serious chronic illness or health problems are not fully considered. While it may be easier to think that “I don’t/won’t get sick, and therefore it isn’t necessary for me to consider healthcare costs,” it is important to consider that according to the National Council on Aging, 92% of all older adults have some form of chronic illness. 

Getting deeper into the statistics of chronic illness, 92 million individuals are living with some form of cardiovascular disease and nearly 6 million individuals are living with Alzheimer’s Disease. Additionally, an individual has a heart attack or a stroke every forty seconds and every sixty-five seconds, an individual develops Alzheimer’s Disease. On a smaller scale, saving for health and medical – related expenses is extremely important, as nearly half of all Americans today would not be able to pay an unexpected medical bill of $500. 

What this means for someone looking at their finances for retirement and beyond is that you should definitely consider the possibility of chronic illness as a product of living to an older age. On average, a couple retiring at the age of 65 can expect to pay around $200,000 during the course of their retirement on medical and healthcare costs. Despite this, only a third of Americans consider saving money for end-of-life care to be a priority when long-term care is often a major problem for retirees. To help you build a personalized plan to save for retirement and defend yourself against unexpected medical costs, talk to a Pacific Insurance Group agent today at pacificinsurancegroup.com or call us at (425)-246-4222.