Prepare for Tomorrow: The Essentials of Long-Term Care

As Americans live longer, it is becoming more and more likely that you or someone you love is going to need it. But are you prepared?

According to longtermcare.gov, nearly 70% of Americans over the age of 65 will require long-term care, with women typically needing help for 3.7 years and men for 2.2 years.¹

Not only do more people need it, but it’s also getting more expensive. According to a survey by Genworth, a private room in a nursing home costs $297 per day, or $9,034 per month. Semiprivate rooms have a median cost of $260 per day, or $7,908 per month.²

Let’s take a step back and cover some of the basics.

What is long-term care?

Long-term care refers to the services and support you may need as you age or in the event of a chronic illness or disability. These services may include help with daily activities like bathing, dressing, and eating, either at home or in a care facility. It’s especially important if you are looking to proactively safeguard your financial well-being and quality of life for the later stages of retirement.

Here are three things you need to know.

1. Why should you pay attention?

Long-term care planning is essential to ensure that you have the resources you need to pay for care if and when you need it. This includes talking to your family about your wishes, getting legal and financial advice, and ultimately purchasing a long-term care solution that aligns with your needs.

2. What option is right for you?

There are many different types of long-term care, including nursing homes, assisted living facilities, and home health care. Together, we can walk through the various options available to you.

3. How do you pay for it?

There are a number of ways to pay for long-term care, including long-term care insurance, Medicaid, and self-funding. Let’s review your current financial picture to determine the most suitable strategy for you.

You aren’t alone.

All of this can feel overwhelming. Whether you are 28 or 88, we are here to support you and your family every step of the way. If you need insights, guidance, or a plan for your future long-term care needs, let’s set up some time to discuss further. Simply click reply to this email or call the office. We always appreciate hearing from you.