As we age, staying on top of our health becomes more important than ever—but it can also get expensive. From routine check-ups and prescriptions to specialist visits and therapy sessions, the costs can add up quickly, especially for older adults living on a fixed or reduced income.
In fact, recent projections show that a 65-year-old retiring today could spend around $172,500 on healthcare throughout retirement—a nearly 5% increase from 2024 estimates.1 With numbers like these, finding ways to manage costs without compromising care has never been more important.
The good news? Advances in technology are making it easier—and more affordable—to get the care you need. Virtual health services like telehealth and teletherapy aren’t just convenient; they can also help you save money while maintaining your well-being.
Whether you’re managing a chronic condition or simply want to stay on top of your health, here’s how these services can help your wallet—and your quality of life.
- Cut Down on Travel Costs
Think about how much time and money it takes just to get to an in-person appointment. Gas, parking fees, rideshares, or public transportation—all of it adds up. With telehealth, you can connect with doctors, nurses, or therapists from the comfort of your home. That means no transportation costs, no long commutes, and no sitting in crowded waiting rooms. Plus, for those who use mobility aids or experience chronic pain, avoiding the physical strain of travel is a relief in itself. - Lower Your Out-of-Pocket Expenses
Telehealth visits often cost less than in-person appointments. In fact, many insurance companies now cover virtual visits at lower copay rates, making it easier to keep up with routine care. By addressing health concerns early through a virtual appointment, you may also avoid more expensive urgent care or ER visits later on—saving you even more in the long run. - Get Easier Access to Specialists
If you live in a rural area or a community with limited healthcare options, seeing a specialist might mean hours of travel, hotel stays, or other expenses. Telehealth breaks down those barriers, giving you access to top-tier providers nationwide without the added travel costs. You can see the right doctor for your needs, without having to worry about how you’ll get there.
- Find Affordable Mental Health Services
Mental health is just as important as physical health—but therapy sessions can be costly. Teletherapy can come at a lower price point than traditional, in-person counseling. Many online platforms even offer flexible subscription plans, making it easier to get consistent care without breaking your budget. And because you can connect from the privacy of your own home, you may feel more comfortable and open during sessions, which can improve outcomes over time.
Virtual healthcare services aren’t just about convenience—they’re about empowering you to take control of your health while keeping costs manageable. By reducing travel expenses, lowering out-of-pocket costs, and expanding access to affordable care, telehealth and teletherapy can help you stretch your healthcare dollars further while staying proactive about your wellbeing. As always, it’s best to talk about what virtual healthcare services are available and appropriate for your specific situation with your healthcare provider.
Even so, healthcare costs can quickly put a strain on your budget—especially if you are in or approaching retirement. But you may have a powerful financial resource right under your roof: your home equity. With today’s seniors holding significant amounts of housing wealth, tapping into your home equity can be a powerful resource to help cover health-related expenses and provide greater financial peace of mind.
A Savvy Way to Fund Healthy Living: Tapping Into Home Equity
Your home is more than just a place to live—it’s one of your greatest financial assets. With the right tools, you can leverage that equity to fund what matters most—whether that’s covering medical bills, telehealth visits, therapy sessions, medications, or even planning ahead for future care needs.
At Longbridge, we offer home equity solutions for seniors that make it possible for homeowners 62+ to access the equity they’ve built in their homes—and put it to work for their health and financial well-being.
Depending on your goals, this could mean a reverse mortgage, which allows you to convert a portion of your home equity into income tax-free cash.2 You can receive these funds in a way that fits your lifestyle: as a lump sum, monthly payments, line of credit, or combination of these methods3—all without the obligation of monthly mortgage payments. (Of course, like any mortgage, you must meet your loan obligations and stay current on property taxes, insurance, and home maintenance.)
Another powerful option is HELOC For Seniors®, a first-of-its-kind Home Equity Line of Credit (HELOC) designed specifically for homeowners 62 and older. It offers quick and easy access to funds, plus senior-friendly features such as interest-only payments for the duration of the loan,4 keeping monthly costs low and manageable—without the risk of sudden payment spikes.
Whichever solution works best for you, both options give you the freedom and flexibility to cover healthcare costs while staying in the home you love.4 Your home has worked hard for you—now it’s time to let it work for your health and financial well-being.
Ready to explore your options? Contact the Longbridge team today.