Do not neglect long-term care planning.
Every day you get older.
Each year you celebrate another trip around the sun.
You look back at your life with greater wisdom.
Now look forward and prepare for the future with equal wisdom.
According to a recent The Motley Fool’s article titled “Baby Boomers Are More Prepared for Death Than Life,” about 70 percent of those retiring will need long-term care in the future.
What should you do?
Take steps now to prepare for the financial demands of such care in your retirement planning.
According to the U.S. Department of Health and Human Services, the average cost for long-term care in retirement is $138,000 per year.
If you do not plan for this expense, your put your savings in jeopardy.
If you believe Social Security or Medicare will be able to handle your long-term care costs, you are mistaken.
Medicare coverage has its limits regarding both what it will cover and the duration of coverage.
It will cover some long-term care expenses such as skilled nursing after a hospital stay, but will not cover custodial home health care.
In short, you cannot rely on Medicare to save you.
You need to make other plans and set aside additional savings.
For many long-term care insurance may be a beneficial option.
If you do not know who trust for advice, seek guidance from a trustworthy insurance professional.
Find an experienced elder law attorney or financial advisor.
He or she will help you create a plan to tackle your long-term care needs.
Do not delay.
Denial is not a wise strategy.
Reference: Motley Fool (March 27, 2019) “Baby Boomers Are More Prepared for Death Than Life”