If you’re thinking about retirement at some point, it’s important to start planning for long-term care now. Long-term care is expensive, but there are ways to pay for it. Long-term care insurance is one option, that can save you from exhausting your savings, having to sell your home, or take out a reverse mortgage. Another last resort is qualifying for Medicaid but with this option in a lot of ways you are at the mercy of the state literally. If you’re not sure whether you need long-term care insurance or how to pay for long-term care services, connect with us for a consultation or talk with a retirement advisor you trust. They can work with you like we do to create a specific retirement plan that includes long-term care costs and asset preservation.
Long-term care is an important topic because it’s no secret that the population is aging. In fact, according to the U.S. Census Bureau, there are now more than 46 million people in the U.S. who are 65 years or older, and that number is projected to grow to 88 million by 2050. As our population ages, the need for long-term care services will continue to increase. If you’re not sure what long-term care is or whether you need it. Sign up for a free consultation from us. We’ll explain everything you need to know about this important topic!
What is Long-term Care?
Long-term care is a type of care that helps people with chronic illnesses or disabilities live as independently as possible. Long-term care can be provided in a variety of settings, including nursing homes, assisted living facilities, and community-based programs. Medicare, the federal health insurance program for people age 65 and older, covers some long-term care services, but not all.
Why Do I Need Long-Term Care Insurance?
Long-term care insurance is designed to help you pay for the cost of long-term care services. These policies typically have a waiting period of 60 to 90 days before they start paying out benefits. Once the waiting period is over, the policy will pay a set amount per day or per week for a certain number of years (usually two to five years). Long-term care insurance can be expensive, but it’s worth considering if you want to protect your assets and maintain your lifestyle in retirement.
In summation, Long-term care is a type of care that helps people with chronic illnesses or disabilities live as independently as possible. Long-term care can be provided in a variety of settings, including nursing homes, assisted living facilities, and community-based programs. Medicare, the federal health insurance program for people age 65 and older, covers some long-term care services, but not all. Home care is one type of long-term care that Medicare does cover. Home care services are typically provided by home health agencies or Medicaid waiver programs. For more information and to see if Long-Term care is right for you. Let’s set up a meeting and discuss. Meetings are always no-cost and can be done via Zoom, In-office, or phone call.
Ernest Mitchell
Principal
Dear Retirement, Inc.
When Ernest isn’t creating amazing life long plans for his clients he’s spending quality time with his wife, Lauren, and their kids.