ShAARP Session: Observations from AARP

Results tagged “health care costs” from ShAARP Session

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A couple of new reports show continued bad signs regarding the health of America's health care system. First off, a study by the National Opinion Research Center found that out of pocket health care costs for those with job-based health insurance jumped 34% between 2004 and 2007. This is an enormous increase and a particularly troubling development for those who don't earn a ton of money and people with expensive or chronic health troubles.

In a separate study, Merritt Hawkins and Associates found that wait times to get an appointment with a family doctor or specialist have spiked since 2004. In the past few years, people in major cities have had to wait, on average, an additional week beyond what they previously had. The study blames much of the increased wait on a lack of training for primary care physicians and some specialists. Experts say the government needs to take an active role in promoting the training of more doctors to address this glaring need. These are just two new signs of the troubles we face with our current health care system and they highlight the need for reform.

In the Wall Street Journal's money/personal finance/investment blog "The Wallet," Kelly Greene reports that health care costs in retirement are sky rocketing...and the going rate for health care costs are as high as $240,000!! She goes on to point out:

"A 65-year-old couple who retires this year will need about $240,000 to cover their medical expenses in retirement, according to Fidelity Investments research released this week.

"Keep in mind that this eye-popping number is a lifetime estimate and assumes that the couple has no employer-provided retiree-health-care coverage, since many companies are phasing out that benefit. It also assumes life expectancies of 17 years for the husband and 20 years for the wife after retirement."

So what's a guy or gal to do? Experts Greene spoke with advised keeping yourself and your partner in tip top shape no matter your age. So whether it's that diet you've been thinking about, grabbing a walking partner, quitting smoking or heck, training for a marathon now is as good a time as ever to start thinking about your long-term health.