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Study Finds that Money & Assets Affect a Seniors Health

We've all heard of the recent rise in healthcare costs, and many know they negative affect it has had on multiple sectors of our population, particularly seniors. A recent eye-opening study (ongoing national Health and Retirement Study) by The University of Michigan, studied almost 1,200 people that died between 2010-2012. Of those 85 and older, 20% had no remaining assets, only income sources from places like pensions and Social Security. Those who died younger were no better off, as the study found people who died between 50-64, 30% were without assets. Sudipto Banerjee, a research associate at the Employee Benefit Research Institute, says that families that have someone die at a relatively young age, tend to have lower income and assets. Furthermore, people with lower assets also tend to be in worse health. Banerjee noted that many studies have found a connection between wealth and health with findings that wealthier people tend to live longer than those in poverty. One factor for some may be the expensive costs of Alzheimer's care, as some treatments aren't covered by insurance companies. Though seniors can get coverage through Medicare and private insurance, major illnesses can still be costly and face large out of pocket expenses related to health issues. Families should be concerned with the rising costs of health care, but should also note the vast wealth of resources and assistance available.

Running out of money is legitimately more than just a simple concern for many seniors and their families. Many times managing bills or maintaining large assets on a fixed income can be a contributing factor in draining one's financial resources. Perhaps consider speaking to a financial advisor on your current situation to figure out a plan, before it's too late, to allocate spending and existing resources and income. You may also consider speaking to an insurance agent about better options for Medicare coverage and/or coverage through private insurance. A trustworthy CPA can also provide guidance on key financial matters for seniors and shed some light on potential tax savings and exemptions on your return.

You may also be looking to simplify you or loved one's life. Depending on the level of senior care needed, moving into senior housing or assisted living would be a viable option. Many places like Barton Hills Assisted living offer Austin TX residents an all inclusive cost of living and quality care at a fixed price. This is a great option for those needing assistance with the aging process and who need a stable financial forecast.

Posted by on 8/8/2016 11:37:49 AM

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