If you work in the medical profession, healthcare accounting probably has multiple meanings to you, from keeping track of your day-to-day income and tax exposure, to planning ahead for care you might need yourself in retirement.
Outside of the profession though, for most people it is only that later-life healthcare that is a major financial concern – or at least, it should be.
Research from BlackRock reveals that fewer than a third of ‘advised clients’ – investors who seek professional guidance on their investments – think healthcare costs are a significant risk to their long-term prosperity.
In comparison, nearly half (46%) think their immediate cost of living is a worry, and 50% are concerned about the UK’s general economic position at the moment.
Jeremy Roberts, head of UK retail sales at BlackRock, said: “With increased choice comes greater financial responsibility and people of all ages, not just those approaching retirement, must think carefully about their income needs.”
For those working in medicine, awareness of the value of good care should naturally be much higher – and it may be worth factoring into your present-day healthcare accounting some plan for your own care in later life.