A recently released paper from the University of Michigan and the University of Iceland attempted to determine just how much it’s worth to individuals to live a life free of pain. Avoiding chronic pain is a significant issue for anyone approaching retirement age and the study determined that for those aged 50 and above, the price of avoiding chronic pain was somewhere between $56 and $145 every single day. Since governments pay fully or partly for healthcare in many different countries, they have the option to compare money spent on researching pain relief and providing pain relief with other priorities.
Quantifying the potential value of pain relief research involves knowing how important it is for people to avoid suffering with pain. One of the most important things you can do when approaching your future is to consider how you will fund your future healthcare needs. Many people make the mistake of assuming that MedicAid and MediCare will cover all of their long term care needs. However, one incapacitating event could cost thousands of dollars and can drain the savings you have worked so hard to set aside for your loved ones.
At the intersection of estate planning and retirement planning you will also find benefits associated with long term care planning, such as purchasing insurance that can give you some peace of mind that your personal assets will not be severely tapped or drained in the event of a long term care issue. Consulting with an experienced estate planning attorney is strongly recommended.
