As more baby boomers pass 65, a healthcare crisis is beginning to appear. With medical advancements, seniors today will be living longer than their parents or grandparents. They will also be living sicker for longer.
According to surveys, 8 out of 10 seniors have chronic conditions, with half having two or more. According to the CDC, seniors will spend three to five times more money on healthcare than everyone under 65. This will put a heavy burden on seniors and their families.
What can seniors do to prepare?
- Make small changes to improve health. Many of these chronic diseases, such as diabetes and heart disease, are related to obesity and a sedentary lifestyle. Eat better and get exercise to reduce the chance of these conditions occurring.
- Begin a savings plan. Talk with a financial adviser to plan for the future including the possibility of long-term healthcare. He or she will give valuable insights as to how to manage money now so that it is available for any continuing care.
- Talk with family. Now, more than ever, seniors much lean on family if they become ill. Discussing with family members that possibility in advance will alleviate some of the stress in the future.
Source: USA Today