Long Term Care Info
Most of us believe we'll never have our mobility and independence stripped from us, but time never fails to wear us down. The consequences of living at a long term care facility are staggering. Between the emotional stress, financial burden, and the lack of independence we should do whatever is in our power to prepare, so the burden is carried by ourselves and not by our loved ones.
Some questions we should ask ourselves:
According to the U.S Department of Health 70% of those age 65 today will require Long Term Care
According to Genworth 2019 cost of care survey the median yearly cost of an assisted living facility is $51,600
According to Genworth 2019 cost of care survey 59% of LTC claims last over 1 year
According to Genworth 2019 cost of care survey of those 59% of LTC claims lasting over 1 year their average claim is 4.3 years
According to Genworth 2019 cost of care survey, of those who require a nursing home, and who would prefer not to share a room with another resident within the facility, they will pay on average $105,850 per year.
For the 41.3% of seniors who employ the services of an assisted living facility for over one year, the service costs them on average $221,880 in total. To live in a nursing home with a private room will cost over twice that on average.
(according to analysis using the above Genworth 2019 cost of care survey information as well as the information provided by the U.S Department of Health)
These prices will only continue to rise with the rate of inflation and much like planning for the rest of your retirement cost, inflation should be given considerable thought to correctly budget the proper amount of money for any given expenses
The momentary displeasure of the thought is worth the chance of avoiding regret and burdening your loved ones. Long term care is a serious expense and is becoming more and more common. It is something that needs to planned for in retirement.
Potential consequences of being unprepared for Long Term Care in old age:
Burdening loved ones with your requirements
Burdening loved ones with expenses
Losing your retirement savings and failing to leave a legacy for your loved ones
A tremendous feeling of regret
Loss of dignity
To help ensure none of these consequences occur, a trusted financial advisor should be consulted and a plan for your retirement should be developed. This plan should encompass ass aspects of your retirement including uncomfortable topics such as the potential of moving to an assisted living facility as well as death. You will rest easier knowing you have a plan and that you've done what you can to protect your loved ones. After just several meetings with a trusted retirement planning professional, your financial future can be secured.
Long term care insurance is not the only way to defend against the costs of moving to an assisted living facility.
At PRO Financial Network we've helped many families secure their financial future. Michael G. Romanello, our Chief Planner has +18 years of experience doing exactly that. Our clients believe we've played a crucial role is helping them enjoy their golden years by providing the guidance they needed.
Retire Worry Free
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