If you’re in the process of preparing for retirement, you’ve most likely been thinking about your potential health care needs and options. Some of the options you may be considering include the following products and services:

Affordable term life insurance

Cancer insurance policy

Medicare supplement insurance

Short term health coverage

Regardless of whether or not you plan to retire early or not at al, it’s important to consider the potential need for additional health care coverage. When you contact a life insurance company, they can provide an overview of their available plans and assist you with choosing the right one for you.

According to The State of Aging and Health in America’s 2013 report, by 2030, there will be approximately 72 million older adults. The same report indicates that by 2050, there will be approximately 89 million Americans that are 65 or older.

Why Additional Coverage May Be Needed

A 2014 study from The Commonwealth Fund indicated that approximately 21% of insured Americans need to pay additional medical expenses. On average, these uncovered expenses totaled a minimum of $2,000.

Chronic health conditions are considered to be high in the United States. In fact, on a global basis, the United States experiences more diabetes and heart disease than other countries, according to The Commonwealth Fund’s 2014 report. Approximately 87% of older Americans have one or more chronic illnesses, while 68% have reported that they have two or more.

The State of Aging and Health in America’s 2013 report indicated that 95% of the health care costs that affect older Americans are due to chronic diseases. Many of these conditions and diseases are preventable, according to the same report. This is particularly the case with flu and pneumonia, both of which are leading causes of health issues for the 65 and older population. While vaccinations are available as preventative measures, not everyone within this population chooses to have them.

Statistics and Life Insurance

Many individuals purchase life insurance policies when they begin their careers as part of their retirement portfolio. Other individuals, however, may do so later in their careers. Given the Millennials that were polled, 40% were considering a combined life and long-term care policy. The results from all of the poll’s participants showed that 25% expressed interest in a combined policy of this type.

The poll results also showed that 86% believed that life insurance coverage was necessary. In 2015, 55% of people in the United States stated that they would recommend life insurance. In 2016, 66% indicated that they would recommend life insurance to someone else.

In the United States, three-out-of-five individuals have life insurance of some type. Over the next year, an additional 34% stated that they planned to purchase a life insurance policy.

Life insurance policies can be purchased from a life insurance company at various increments. When you choose to purchase one or more policies from a life insurance company, the benefit amounts can range from $10,000 to millions of dollars.

Healthcare Coverage Issues

Were you aware that in 1962, approximately 50% of Americans older than 65 didn’t have any health insurance? The Commonwealth Fund’s 2015 report also indicates that recent figures show there are only 2% without insurance.

The Centers for Disease Control and Prevention’s 2014 report indicated that approximately 35.7 million people didn’t have any type of healthcare coverage or insurance.

According to a January 2015 Gallup poll that surveyed Americans under 65, two-out-of-five individuals have healthcare coverage through their employer. For 2015, The Commonwealth Fund reported that working adults between the ages of 19-to-64 was 13%. This was down from 2013, where 20% of this same age group was uninsured.

Even though you may not be anticipating the need for additional coverage, you may still want to discuss your options with a life insurance company.