Rising Cost in Home Health Care and How to Plan for your Future

Last Updated 1/19/2023In Fiduciary Services

Over the past few years, home healthcare costs have seen exponential growth. The costs are not only rising, but they are also rising at an alarming rate. According to the latest numbers, a 65-year-old couple will need $315,000 to cover health care expenses. It’s a large expense that will affect most retirees.

It’s also a cost that will only continue to rise as time goes on.

Because of this, you need a retirement plan that accounts for these costs. The earlier you start preparing for them, the better off you will be.

How to Plan for Your Future

Countless retirees were surprised by the rising healthcare costs. It isn’t easy to predict. You might have to downgrade your current lifestyle if you don't have the resources to cover it. The good news is that you can take steps to avoid this.

Advocate Fiduciary Services lists some steps you can take to ensure a healthy future:

  1. Know your coverage. Review your health insurance policy to understand what is and is not covered. There may be some services that are not covered or that only have partial coverage. You may also be responsible for paying some out-of-pocket costs.
  2. Have an emergency fund. This can help you cover unexpected costs like a last-minute doctor’s appointment or a prescription. Having this fund can give you peace of mind and help you budget for your healthcare costs. It’s essential to build up your emergency fund as soon as you can. Try to save a little bit of money each paycheck. You will feel great knowing you can cover the healthcare costs if anything happens.
  3. Think long-term. Ensure your future well-being by investing in long-term health insurance that covers a portion of both in-home care and medical facility costs. Planning for the years ahead has never been so important!
  4. Consider contributing to a health savings account (HSA). An HSA is a special type of savings account you can use to pay for qualified medical expenses. This account has tax advantages and can save you money once you’re ready to use it. HSAs are available to anyone with a high-deductible health plan.
  5. Use preventive care. Preventive care is one of the best ways to keep your healthcare costs down. By taking advantage of screenings and vaccinations, you can avoid more expensive treatments later on. For example, by getting a flu shot, you can avoid costly hospitalizations if you happen to get sick. Don’t wait until you’re sick to see the doctor. Make preventive care a part of your regular routine.
  6. Adopt healthy lifestyle habits. A healthy lifestyle is one of the most important things you can do for yourself. It is cheaper than the costs of surgery, prescription medicine, and doctor’s visits. Eating healthy foods and exercising are all essential components of a healthy lifestyle. It also includes avoiding harmful habits like smoking and drinking too much alcohol. Making healthy choices now can help you avoid costly health problems down the road.
  7. Work with an advisor like Advocate Fiduciary Services. At Advocate Fiduciary Services, we help our clients plan for future healthcare costs. We know that healthcare costs are rising. Thus, we want to help you figure out what you need to do today to prepare for those costs. We’ll work with you to create a plan that considers your unique circumstances and helps you reach your financial goals.

Contact Us Today

It’s important to talk about the big picture when planning for the future. Finding your own peace of mind is easier when you have a plan in place to take care of yourself. Don’t wait until your health care costs are out of control. Contact Advocate Fiduciary Services today at [email protected]. You can also call us at (916) 434-1022. 
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