While most older adults are acquainted with the idea of saving for retirement, many often don't consider the burden of future healthcare costs. A new report conducted by the Employee Benefit Research Institute has shown that this may be an important part of planning for retirement, because retirees may face over $100,000 in medical expenses during their golden years.
The recent healthcare reform may reduce the costs of some operations for older adults, but the costs that will be paid by the patient will still be significant. Every senior will face a unique health situation, but researchers have produced some rough estimates for an individual's future expenditures on healthcare.
To have a 50 percent chance of comfortably paying for operations and medications, a 65-year-old man would have to save $65,000. Due to a higher life expectancy, a senior woman would have to save around $93,000.
This new research highlights the need for older adults to cut costs whenever possible. Installing a medical alarm system in a residence can allow seniors to age safely at home and may also reduce the duration of expensive hospital stays, because it allows users to send an instant medical alert to a hospital if assistance is required.