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Posts tagged "Long-Term Care Planning"

Preparing for long-term care

People are living longer and health care is becoming more expensive. To confront this reality, long-term care planning should address options and finances. This care is not restricted to medical care or living in a facility. Long-term care also includes aging in a place where a person can live at home with assistance. Services usually include help with bathing, dressing, using the toilet, care with incontinence, meals and getting around. Other less intensive services include assistance with medications, grocery shopping, housework and handling bills and finances.

Failure to plan for the long-term is costly

Medical care for retirees is expensive. The average median cost of a semi-private nursing home room is $85,775, while the cost of a home health aide is roughly $49,192. These costs cannot be ignored, and there are several guidelines for long-term planning that can help meet these expenses.

Is long-term care insurance a good option?

Everyone must eventually consider options for covering the costs of quality medical and long-term care. Long-term planning should include the consideration of insurance to cover these expenses in addition to Medicare. Understanding the advantages and disadvantages associated with long-term care insurance is also an important part of this planning.

Long-term care planning should begin now

Over half of people over 65 will need long-term care, but only a quarter of high worth individuals engage in long-term planning. According to experts, individuals over 50 should start this planning now or they may face serious financial and care consequences when they are older.

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