The biggest financial suicide in the world is to allow healthcare cost to steal your wealth. Preventive healthcare planning and medical cost planning is a priority at any age, but as you get older your biggest priority may not only be outliving your savings but outliving good health. Most people will find their health under assault, with unpredictable financial consequences as they grow and age.
Preventive healthcare planning that keeps you away from the hospital and medical financially planning that takes care of unexpected or degenerative health issue, is the way to preserve wealth. Unanticipated medical expenses can derail years of disciplined savings, because health care costs are non-discretionary. If you are sick, a demand will be made on your wealth that could be detrimental. A more proactive approach is to take charge of your healthcare and medical expenses before the trouble of old age begins.
Having good health habits, adequate reserves and good medical coverage can be the difference between a comfortable healthy life and a life that is filled with financial crises.