Healthcare Costs in Retirement — An Alternative Plan to Traditional Saving

Posted on 03/15/2013

Forbes.com: Think about your medical decision making process – if you know you will be a high healthcare user, make it a priority to work longer and save more to prepare for those healthcare costs. If you only go to the hospital screaming and spitting and are okay with bad outcomes, you can take a less aggressive approach. BIG WARNING – I’ve seen many people change their mind on these things once death is really looking them in the face. And this brings us to the next point …

Make certain everyone involved in your healthcare understands your wishes.

When you have the big stroke, end up in the emergency department, and the healthcare providers install some instrument in every orifice, does family know your wishes?  If not, your family through love and/or guilt may do everything to keep you going, even though deep inside they may worry about decimating the finances. Please have a conversation in advance about what quality of life you desire when you can no longer speak for yourself. If you want “everything done,” prepare financially for this choice. More often, people choose conservative care that keeps them and their family comfortable physically, financially, and emotionally.  National Health Care Decision Day is just around the corner on April 16th, and The Conversation Project can help you and your family get started so choices aren’t made at the worse possible time.

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