Life Span vs. Health Span: The Retirement Number Most People Never Think About.
Most people spend more time planning for how long they’ll live than how well they’ll live. We spend years preparing for retirement, saving diligently, we contribute to our 401(k), pay off debt, and dream about traveling, spending time with grandchildren, or finally pursing hobbies we’ve always enjoyed.
But there’s one retirement number that often gets overlooked- The Health Span. Most of us are familiar with life span, the average number of years we can expect to live. Today the average in the United States is approximately 78.4 years. But here’s the statistic that made me stop and think… the average health span- the years we live free from chronic disease or disability is only about 63.9 years. That leaves nearly 14.5 years. Not necessarily years of poor quality of life, but years when many people begin managing chronic conditions, recovering from illness, or needing help with everyday activities. That’s a significant part of retirement that many families never plan for. The gap is where long-term care planning becomes incredibly important. One question we don’t always talk about nearly enough is- How many of those years will I live in good health?
When people hear “long-term care” they often picture a nursing home. In reality, LTC is much broader than that. It can help with your everyday living activities. For many people, this care begins at home, exactly where they hope to remain.
Your health is your greatest asset. One of the most important things I share with clients is your health is what qualifies you for long-term care insurance. You don’t purchase coverage because you are sick, you purchase it while you’re healthy enough to qualify. None of us can predict our health will change, but we can decide whether we’ll have a plan before it does.
That’s why planning in your 50’s is often the ideal time to start the conversation, because you are more likely to qualify medically, premiums are typically lower, you have more choices, you plan from a position of health instead of urgency. Planning early gives you options.
Ask yourself one simple question, “What’s my plan if my health changes?” This one question can completely change the way you think about retirement.
A little goes a long way! You don’t necessarily need a policy that covers every possible expense. For many families, even a modest long-term care plan helps preserve retirement savings, reduce the financial burden of loved ones, gives your family more choices, and allows you to receive care where you want it.
We spend decades preparing financially for retirement, but retirement isn’t only about reaching a certain age, it’s about protecting the quality of the years to follow.
Life span tells us how long we may live, health span reminds us to prepare for how we may live. The goal isn’t to fear the future, it’s to have a plan that gives you confidence, preserves your independence, and helps protect the people you love.
At DeWaard Insurance, I believe education comes first. If you’ve never explored what long-term care planning could look like for your family, I’d be happy to have a conversation. No pressure, just practical guidance to help you make informed decisions. Because planning today helps protect tomorrow.
Tracy DeWaard