Both men and women need to be ready for future healthcare costs. But if you’re a woman, you may need to be extra prepared.
Numerous studies have found that women spend significantly more on healthcare than men over their lifetimes. A big reason women spend more is longevity: U.S. women have a life expectancy of 81 while men have a life expectancy of 76.1 That gives them an average five extra years to rack up medical bills.
But there are other factors, too: Research indicates that women visit the doctor more frequently, especially as they have children, and tend to seek out more preventive care. The National Center for Health Statistics found that women made 30% more visits to physicians’ offices than men between 1995 and 20112.
The takeaway? Women need to factor the costs of medical and long-term care into their overall wealth planning. Those who don’t could be greatly unprepared for such expenses later in life.
Your Regions Wealth Advisor can help you estimate how much you need to have saved for health and long-term care in retirement based on your personal factors. He or she can also help you evaluate strategies to save for these future costs most effectively.
Source: Kaiser Family Foundation (based on an analysis of the Medical Expenditure Panel Survey, Agency for Healthcare Research and Quality; U.S. Department of Health and Human Services).
1.Centers for Disease Control and Prevention, Mortality in the United States, 2012, October 2014.2.Centers for Disease Control and Prevention, Health, United States, 2012, 2013.
