Healthcare is one of the single biggest — and fastest-rising — lifetime expenses for most Americans. The exact number depends on your age, health, location, and the benefits you carry, but the total estimated lifetime healthcare costs may surprise (or even shock) you.
Concerningly, many Americans don’t have a clear picture of their potential healthcare costs while working and during retirement, or how to estimate these fast-growing living costs for planning purposes.
For example, a 25-year-old could pay anywhere from $400K+ to ~$1.5M for healthcare over their lifetime depending on personal decisions, medical needs, insurance coverage, and inflation rates.
Does your financial plan include annual estimates for healthcare costs with projected inflation?
Below I’ll sketch projected lifetime (or remaining lifetime) healthcare costs, and explain why tracking and managing these costs over time is crucial for your financial stability and well-being.
Continue reading “Are you prepared for growing healthcare costs?”