Until you are faced with a situation where your health is at risk, you might not grasp just how intertwined health and wealth really are. In fact, with the rising cost of healthcare, health-related concerns are one of the top disruptors to building wealth and passing along a legacy to the next generation.
Planning ahead for potential healthcare needs is a critical component of comprehensive financial planning, especially for women. Among the nearly 17% of adults in the U.S. that provide unpaid care to an adult over the age of 50, more than 75% are women. With this unique impact in mind, InspireHer hosted an event featuring Sharon Gorman, Certified Care Manager and owner of Certified Care Management in St. Louis. She discussed the impacts of aging, how a care manager can assist, and the activities you can do to stay healthy longer.
It is said that “old age” is 10 years older than you are today, and that number simply ages with you. While partially a funny joke or perspective, the reality is aging looks different now than it did even a decade ago – people live longer, work longer, etc. We often feel like “getting old” is something that happens to others, not us. But we all know it’s inevitable and thus planning for it can lead to peace of mind – for you and your loved ones.
Even with these changes and increased life spans, studies show that roughly 70% of people 65+ will need some type of long-term care during their life. For many, they can self-insure. Others opt for traditional long-term care policies or long-term care/life insurance hybrid policies.
Doing your homework is important because there are pros and cons to each option and your situation can be unique. You can reference the average cost of long-term care by state, but consider working with a financial advisor (ideally one who is not selling a policy) to help you determine the best path and not fall prey to being over-insured with competing policies that won’t pay or left without coverage.
Aging can be complicated and costly but working with not only a trusted financial advisor but a care manager can be a great resource. A great care management company can help you navigate the various impacts of aging, including:
After you get your plan in place, tell your loved ones. Make sure they know your wishes and where your important documents are located (some even recommend you keep them in the freezer!).
This can often be an uncomfortable discussion so there are resources to help facilitate – such as a card game “Go Wish.”
Even though aging is inevitable, there are some great ways to increase good health and longevity. Areas call “Blue Zones” have been studied to determine the diet/habits of those with longevity.
We wrapped up our conversation by going around the room and sharing thoughts about our sense of purpose as well as committing to at least one thing we were going to start doing to invest in our health and well-being. If you’re reading this blog, I encourage you to do the same, and you get bonus points if you tell a friend or loved-one!
The power of being able to say these things out loud, get support from women in similar situations, and being connected to incredible resources and subject matter experts like Sharon are why we started InspireHer 7 years ago. Aging may be inevitable but thankfully there are many things you can do to plan for the worst but be in track for the best. If you’re interested in hearing more about our mission to inspire financial confidence in women, join the InspireHer email list here.