When we ask employees about their financial security, they tell us their number one stressor is not saving enough for retirement. After that, they worry about the economy and after that, their personal health. But when we ask them what defines a good lifestyle once they stop working and what is the most important factor affecting financial security in retirement, they place health at the top of both lists. Meanwhile, as another survey has found, retirees are feeling less confident that they will be able to afford medical care and long-term care.
It’s hard to know how much savings will be needed to cover healthcare expenses in retirement. The conventional approach of estimating a lifetime total cost for healthcare expenses in retirement and targeting savings to cover that amount clearly does not work for everyone, as most people have difficulty saving for retirement at all. We believe that a different approach to planning for healthcare costs may work better for most employees and retirees.
In collaboration with Vanguard, we have developed a new framework that helps pre-retirees and retirees better understand the financial planning implications of annual health care costs and long-term care expenses. Instead of a “big scary number” for the lifetime total cost, this framework considers healthcare costs (other than for long-term care) as annual expenses personalized to an individual’s health status, coverage choices, retirement age, and presence of any employer subsidies. Additionally, the framework allows pre-retirees to compare their healthcare costs in retirement to their cost while working, with the key point being that retiree healthcare costs can be viewed as the incremental cost over what they currently pay. Once an individual understands their costs, they may need to save at higher rates to account for potential future incremental health care spending. Workers with generous employer health care benefits that may not be offered in retirement and those at higher risk of chronic conditions because of their family history or current health status should target higher replacement ratios. Long-term care costs represent a separate planning challenge given the wide distribution of potential outcomes. Half of individuals will incur no long-term care costs—but there is a small but meaningful risk that costly care will be required for multiple years.
The model we have developed with Vanguard takes a fresh look at existing industry data, complements it with new findings, and builds a forecast that more clearly identifies variations in the estimated annual healthcare costs expected in retirement. We think this flexible, actionable approach to framing healthcare cost can lead to better planning and better outcomes for retirees.
Given how important this issue is to employees, consider helping your pre-retirees better understand how their healthcare costs will change in retirement and actions they can take now to save for those costs appropriately (for example, in a 401(k) plan or health savings account). A particular concern for many employees is being able to retire before age 65 and becoming eligible for Medicare. A good financial wellness program should stress that access to affordable, comprehensive retiree coverage to bridge from the active plan to Medicare is a critical issue in retirement planning.
UK making ventilators for corona affected people: How it is achieved?
Corona is also known as a novel coronavirus disease but it is no longer a new disease for any country. Almost all countries across the world are affected with this deadly virus and the number of victims are increasing day by day resulting in shortage of beds and rooms in hospitals restricting proper treatment for common people. As a solution UK is coming up with medical ventilators which can be a potent solution to give life to all COVID-19 victims, especially those who are seriously affected.
How do these ventilators work?
Those who are critically affected from COVID-19 get breathing trouble which restricts the flow of oxygen to their lungs. The ventilator designed by the British engineering firms assists people in easy breathing by supplying proper oxygen to their lungs and removing carbon-di-oxide.
The process of these ventilators sounds really simple but the mechanism included in it is a bit complex one.
Mechanism of medical ventilators:
Corona affected folks already suffer with weak lungs, hence the ventilators are designed keeping its pressure minimum to avoid further damage to the lungs. Also the amount of oxygen is controlled to its best effective level, as excess of oxygen may also harm weak lungs. Now with the increase in the numbers of affected folks the requirement of these kits are increasing day by day all across the world.
Production of Ventilator kit:
As the requirement of a ventilator kit is heavy hence production must be done on a large scale which is not nearly possible for British engineering firms to achieve all alone. As a solution, British government is lending a helping hand by seeking assistance from a wide range of manufacturers.
Hence, top manufacturers of this world, such as Rolls-Royce and JCB are also included in the discussion of ventilator kit manufacturing. Another potential contributor of this big challenge is TT Electronics, which is majorly responsible for the development of special coils and ultra-fine wound wire for radiation therapy equipment and surgical navigation devices.
Healthcare sector at its best with the advancements of IoT
Folks of present era are really careless towards their lifestyle, eating habits, and sleeping hours. This disrupted schedule is leading human being to an unhealthy life followed by several diseases. To bring a perfect health back to this hustling and bustling life of people, medical assistance is crucial. It is playing a great role in saving lives and bringing them back to a healthy routine.
Folks of present era are really careless towards their lifestyle, eating habits, and sleeping hours. This disrupted schedule is leading human being to an unhealthy life followed by several diseases. To bring a perfect health back to this hustling and bustling life of people, medical assistance is crucial. It is playing a great role in saving lives and bringing them back to a healthy routine. To enhance the medical sector, IoT and software development is really working hand on hand and the result is really amazing. In a number of ways IoT is transforming the medical sector and with each successive day it is coming up with a latest and upgraded medical technology.
Advancements brought by IoT in the medical sector:
- Emergency room:
Emergency rooms are required for all those folks who require immediate medical assistance but delay happens due to shortage of beds and rooms. IoT is contributing a great way in providing emergency room and reducing the wait time. With the help of IoT and software development, medical sector has come up with autobeds which has reduced the wait time to 50%.
- Remote health monitoring:
Few people are deprived of medical assistance because they are far away from the medical centers or not able to reach there due to some reasons. To give a permanent solution to this problem, IoT has got up with remote health monitoring in which medical science allows patients to detect their health condition without leaving their homes. In this advancement, IoT is backed up with electronics and telecommunication technologies. Mobile health tracking, store and forward technology, live video, etc. are the ways which enhances remote health monitoring and assisting medical sector to determine the health condition of a patient and serve with a proper solution remotely.
Other ways used by IoT for empowering medical sector are management software, drugs management, any many more. IoT is a booming technology and also it has a greatest contribution in the world of medical science to enhance it.
How to get a relief from the threat of corona virus?
Corona Virus, a major threat prevailing globally is raising a risk for a number of lives. Most of the countries are affected due to this deadly virus and is a huge number of people are affecting from this virus. A slight contact of folks with an affected person can influence others increasing infections worldwide.
Corona Virus, a major threat prevailing globally is raising a risk for a number of lives. Most of the countries are affected due to this deadly virus and is a huge number of people are affecting from this virus. A slight contact of folks with an affected person can influence others increasing infections worldwide. Due to this threat, healthcare institutions are undergoing a huge pressure, as they have to test each person suspected to be infected from corona virus. The virus is spreading at a great frequency but health centers with the equipment to detect this virus are least all over the globe which is increasing pressure over the health centers.
But for every problem there is a solution and technological advancement always comes up with better options. Artificial intelligence has got a solution for this problem also. Let’s get to know what solution technology has gifted to the world.
Solution for Corona virus detection:
The reason behind swift spread of corona virus is late detection of this virus. If our health department can detect the virus at an early stage and quarantine all those folks, then it can be controlled in a quickly.
This can be achieved with the help of artificial intelligence as per recent innovations and searches. The initiation has been taken by two Indian origin researchers, one from Australia and other from the United States of America. Both have led their teams in the development procedure of apps which can assist folks to detect presence of corona virus within their body using artificial intelligence.
As per the latest updates, an Australian AL digital health company has launched an app on 4th March 2020 which will assist healthcare centers to reach effected people really early by detecting the symptoms and giving an alert to folks about a complete health checkup.