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How To Promote One’s Healthspan?
Basically speaking, one’s healthspan is as important as one’s lifespan. Many people know the term of lifespan, which means how long they may live. But very few people think about their healthspan.
This term refers to the period of one’s life during which they’re in good health. Keeping healthspan in mind, as well as one’s lifespan, can help people create a more robust, realistic retirement plan.
Kiwis are living longer in poor health. New Zealanders are lucky enough to frequently live to a ripe old age. Our average life expectancy is 82.3 years, according to the OECD. However, the McKinsey Health Institute highlights that, on average, people spend about 50% of their lives in less than good health including 12% in poor health. The best available data suggests that this ratio has not changed much in the past 50 years.
When our healthspan ends and wellbeing declines, Kiwis may need additional medical treatment and support – which can be costly.
Issues facing our Health System. According to recent NZ Initiatives Health Innovator Summit, NZ healthcare system is facing the following issues.
- GP Shortage (up to 1,000 less by 2030) – GP visits have surged by 2.2 million since 2008, and the strain on the system is evident as 1 in 3 practices are no longer accepting new patients. This marks a four-fold increase since 2019 with no signs of it easing.
- Aging Population – By 2028 projections indicate that 1 in 5 individuals will be 65 or older signally a significant demographic shift.
- Mental Health – Mental health is a critical issue with 1 in 4 young adults experiencing significant psychological distress.
- Diabetes – Lifestyle factors are also impacting health, with 3 in 10 Kiwis having a BMI over 30, contributing to increased rates of diabetes, cardiovascular diseases and certain cancers.
Tips to help promote your healthspan. There are many variables to impact one’s healthspan. The following tips are worth to think about.
- Whether you have the correct level of insurance to protect your income and provide for your family if ill health interrupts your working life.
- Whether you have the appropriate health insurance cover to ensure you can get the best access to treatment if your health does worsen.
- The potential costs of additional care needed later in life, if your health were to worsen.
The average effective age of retirement in New Zealand is 69.8 years for men and 66.4 years for women, the OECD says. That means that the average man’s working life is longer than their average healthy years (and women aren’t far behind).
A good healthspan helps enjoy an active, comfortable retirement life.
Planning for retirement. Healthspan is just one of several variables you should consider. If you’re unsure how to start planning it’s a great idea to speak to a registered financial adviser. They’ll help you plan for every eventuality so that you can enjoy a comfortable and dignified retirement – as every person deserves.
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