The rising — and unpredictable — cost of health care in retirement is the top concern for many Americans age 50 and older. Carolyn McClanahan, MD, says it's imperative for financial advisers to discuss health care planning with clients, and to obtain a basic health history.
The number of people over 80 will double by 2050, from 3.9% of the population to 9.1% across OECD member countries, and from 4.7% to 11.3% across 27 EU members. It is estimated that up to half of this elderly population will need help coping with their daily needs; yet even today, governments are battling to deliver high-quality care to those with impaired physical and mental abilities.
An estimated 130 million individuals in the United States alone have at least one chronic illness (including conditions such as Alzheimer's, Parkinson's, and multiple sclerosis). Given the magnitude of the problem, it is almost assured that many of your clients, or their loved ones, have a chronic illness.
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