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End of life medical expense modeling

I’m quite certain I can model it using existing tools, but it would be great to see a more elegant solution to modeling end of life healthcare expenses. In the US, not sure about other countries, an insanely high percentage of lifetime healthcare costs comes in the last 18 months of life; basically spending money to hang on as long as one can. This can have a very substantial impact on what you leave behind for others. Modelying this is one of the few things the New Retirement platform does well as compared to PL.

6 votes

Tagged as Suggestion

Suggested 31 December 2023 by user Christopher Evans

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  • 31 December 2023 Christopher Evans suggested this task

  • 01 January 2024 Kyle Nolan approved this task

  • avatar
    Kyle Nolan

    What kind of changes did you have in mind here?

    You can already create an expense for this that occurs near the end of your plan, which is how I personally model long-term care / end-of-life costs in my plans.

    01 January 2024
  • avatar
    MarkRz

    A big effect of end of life expenses is on the financial security of the surviving spouse. Particularly with subsequent changes in tax filing status, social security, pension, etc. So I think it would be better to handle a spouse death while still having the plan continue. End of life expenses could be added relative to that.

    14 July 2024
  • avatar
    Scott Mark

    Not sure of the status of this request, but a specific reason I came to PL and left NR was because I didn’t like the extremely fixed nature of end of life expenses in NR - I couldn’t figure out how to tailor it. In PL I model this explicitly as a milestone-based expense for last N years, for my wife and I separately. It works really well I think - so just wanted to “vote” here to not evolve it to be too fixed like NR was.

    08 January