Financial Healthspan

 

By now, most of us are familiar with the concept of "lifespan" vs "healthspan". Lifespan, of course, is exactly what it sounds like - your chronological age at death. Your healthspan is the number of years that you are free from chronic disease or disability that affect quality of your life. The United States has the largest gap between lifespan and healthspan of any country on earth, 12.4 years. This is an increase of 11% since just 2020.

We have looked at the many things you can do to close this gap for yourself in previous blogs. None of these will be very surprising: a balanced and nutritionally complete diet, regular moderate exercise, restful sleep, restorative recreation and fulfilling social connections. Yet many people seem to have trouble staying motivated to live a healthier lifestyle. So here is one more reason for you to do everything you can to be healthier as you age. Chronic health conditions are expensive!

The average 65 year old American will spend $165,000 in out of pocket medical expenses through their senior years. For some people, the costs will be much, much higher. “A person’s health directly impacts their wealth — and this connection becomes even more acute as people age,” says Susan Silberman, senior director of research and evaluation at the National Council on Aging. Every year, about 530,000 Americans are forced to declare personal bankruptcy because of healthcare expenses and the number is rising despite the Affordable Care Act. 

The tragedy of this is that is is so avoidable. “When you are in your 40s and 50s, it’s the point of no return,”said Carolyn McClanahan, a physician and Certified Financial Planner based in Jacksonville, Florida. "If adults don’t start tending to their health by this age, they become more susceptible to chronic diseases like diabetes and high blood pressure, which can lead to sudden issues like strokes and heart attacks."

So start paying attention now, today. Start making the changes that will bring your healthspan closer to your lifespan. The sooner you start, the easier it is and the bigger impact you can have. It is working for me, it can work for you too. Do it so that you can live an active, quality life as you age. Or do it so you do not exhaust your savings paying your medical bills. But just do it!