#14: Healthspan vs. lifespan. How your health affects your financial plan as you age and how you can hedge the risks.

It’s no secret that as we age, health issues become more frequent.  As the name of this podcast suggests, “Prosperous and Happy” also includes the notion of quality of life, in addition to having a healthy relationship with money.

More and more, people are talking about “healthspan” as opposed to “lifespan” and the impact that healthcare expenses have on financial and estate planning.

So lets define exactly what that the two terms mean.

Health span is the average number of healthy years between birth and death, also known as quality of life or health-adjusted life expectancy.

Life span is the average expected number of years between birth and death or life expectancy (LE).

In this episode of the prosperous and happy Life podcast I chat with a key member of our team: our insurance expert Annie Bélanger.

Annie has over 30 years of experience working with insurance companies and large financial institutions providing clients with innovative, tax efficient insurance.

She has a Bachelor’s degree in Administration from the University of Ottawa, and a Master’s degree in Taxation from Université de Sherbrooke. Annie and I work closely together studying the unique needs of each client to identify the best insurance strategies for their specific situation.

• What will affect people's budgets in their retirement years. [02:24]
• At what stage during retirement will healthcare expenses become an issue. [03:35]
• The differences in health between men and women. [05:14]
• Health expenses as people age. [09:08]
• The financial tools that are available to help people plan for these expenses, such as long-term care insurance. [12:40]
• A comparison between life insurance and long-term care insurance and how they impact estate value. [16:36]

Thank you for listening

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