How to factor your health into your financial planning

There are various parts of financial planning that should be influenced by a person’s health, says certified financial planner Carolyn McClanahan.
Someone in poor health or with medical problems should have an entirely different plan from a person who is healthy, she says.
For example, your life expectancy — and therefore how much you need to have in retirement savings — should reflect your health.

When you consider health as part of a financial plan, you may think in terms of insurance premiums and related out-of-pocket costs like copays.

While those expenses matter, your health should influence far more than a single line item in a budget, according to certified financial planner and physician Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida. Read more

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