Bette Davis once said, “Old age is no place for sissies.” She was right, but there are some strong-minded ways to prepare for your golden years that will provide big benefits should you need long-term care—and they won’t break the bank.
70 percent of individuals over the age of 65 will require some sort of long-term care at some point during their lives, and a majority of that 70 percent will be unprepared for the staggering cost of assisted living, skilled nursing care, memory care and other services they may need in later years.
The exploding senior living community market is a tell-tale sign that more people are living longer and need a little (or a lot) of help in their daily lives. That’s where long-term care insurance is perhaps the smartest move you can make to save your family from financial hardship when the day comes to move into a senior community.
If you’re like many individuals, you may believe that you won’t end up needing long-term care. We admire the optimistic attitude, but the reality is that you only have a 30 percent chance of falling in with the lucky group that maintains their health into old age.
While long-term health insurance is pricey, it’s nowhere near as expensive as the month-to-month, out-of-pocket costs of long-term care. If you don’t plan for it, you and your family could be looking at upwards of $6,000 a month for a semi-private room in a nursing home, or over $3,000 a month for a place in an assisted living facility. For the average, healthy American, this is equivalent to going on a year’s worth of rent or mortgage.
Whether or not you think you’ll need it, long-term care insurance may be the only reliable solution that can combat the high costs of health care as you age. And it may very well be the most significant factor that allows you to enjoy a more fulfilling retirement.
To see how much you can save on health care costs in old age, and if long-term care insurance is right for you, visit MediGap Advisors’ long-term care insurance expert, Robin Frank, for all the details: http://www.medigapadvisors.com/bio-RobinFrank.htm
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.