ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 85: A Massive Expenditure That Nobody Talks About

There’s a particular expenditure that 70% of those 65 or older today will incur and that number is anticipated to only go up in the future. Saying that alone could mean a lot of things: potatoes, a new phone, maybe a walking cane. But the expense I’m referencing is the main culprit for why the elderly, aged 75+, make up the fastest-growing group filing for bankruptcy. To top it off, it’s only getting more expensive at a pace faster than even education costs and it’s very difficult, and potentially impossible, to insure for. What is this mystery expenditure? Long-term care costs.

If you haven’t thought about it, you’re not alone. For today’s episode, we’ll get into the range of costs of care, who you may have to pay for it for beyond yourself, and how to pay, if necessary.


Topics Discussed:     
  • The top five countries for longest life expectancy.
  • Where the U.S. ranks on the list of longest life expectancy per country.
  • The life expectancy in 1776, when the Declaration of Independence was signed.
  • The costs involved with living longer.
  • How to appropriately save for potential long-term care costs.
  • When you should purchase insurance.
  • The best way to prevent long-term care.
Resources Mentioned:

Tags

planning, financial planning, ER doctor, doctors, finances, long term care, aged care