Senior Resources Washington
The Scary Costs of Getting Sick
Hopefully, you will never get sick. BUT WHAT IF YOU DO? Can you afford it?
More than a quarter of Americans (28%) say that
the specter of high medical expenses in old age worries them the most.
Copyright 2015 - Senior Resources WA
Daniel Keady, CFP, Senior Director of Financial Planning at TIAA-CREF
While you can reasonably budget for living expenses, longevity and healthcare costs are wild cards.
Among people over age 50, one-third are anxious about expensive illnesses or injuries.
Americans are very concerned and are paying more for health care costs. One cause of running out of money could be high health care costs. Particularly worrisome is the cost of a debilitating illness or injury that requires a nursing home.
With the cost of health insurance skyrocketing but delivering fewer benefits, more and more people are experiencing a growing financial shortfall in medical benefits that they must pay out-of-pocket. The demand for supplemental insurance products is growing, including Critical Illness Insurance. A Critical Illness diagnosis is no longer an automatic death sentence. Because of advances in modern medicine, most people survive a Critical Illness incident.
But at what cost?