Many are discussing the great wealth transfer of trillions of dollars from departing baby boomers to the next generation. Before that inevitable exit, there is another transfer happening today, the great health transfer, where retirees find that their trusted doctor of many years is no longer there to care for them just when they may need them most. Instead, they find themselves passed along to other providers at the mercy of demographic trends, market transformation, and impersonal organizational processes, rather than personalized care. Access to trusted, personal, quality care is no longer a question of having enough money alone, it is part of an overall longevity plan that requires proactive action.
Scary number alert: $315,000. That is the amount of money that Fidelity Investments reports that the average 65-year old couple will spend on healthcare in retirement. Here is another number that no one is planning for: 23. That means that by 2030, 23 states, compared with only four today, will have a physician shortage. That means that even if you have the $315,000 to spend on healthcare in retirement, you may find “the doctor is out” sign hanging in your physician’s office window. Most of us will need our doctors more in older age. According to the CDC, nearly 80% of Americans over age 55 years old are managing at least one chronic condition. Almost half of those nearing, or in retirement, have two chronic conditions, while nearly 20% have three-plus chronic conditions, e.g., arthritis, diabetes, hypertension. In fact, data show that only infants, from birth to age 1, visit their doctor more …
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