Do you have everything planned out for your retirement? Does your plan include long term care? Statistics show that approximately 75 percent of Americans, 65 years and above will in due course require long term care.
The cost of this type of care is constantly rising. In order to afford LTC, experts say that you will need a quarter of a million dollars in as little as three years. With that said experts highly recommend long term care planning as early as possible to prevent financial difficulties in the future.
Why You Need To Plan For Your Retirement
Retirement is indeed an important life event that you will experience. You need to plan ahead in order to meet your goals and to stay on top of your finances. If you will look at both personal and financial stand point, to have a comfortable retirement you need to exercise good judgment early on. Managing your retirement is an ongoing responsibility that carries well until you transition to your golden years.
What is Long Term Care Planning?
Understanding the natural progression of long term care and the possible resources available are important areas that you need to explore in your LTC plan. The process also involves understanding the different care settings available and knowing the different government long term care programs. Examples of LTC settings are home care, assisted living, senior housing, nursing homes and continuing-care retirement community.
Exploring the different care settings will help you decide what type of coverage you will choose if you’re going to purchase LTC insurance. These days, there are private insurance providers that offer LTC coverage. Long term care insurance plans differ from one another. You need to find the type of policy that you think will work with your particular situation best.
Benefits of Early Long Term Care Planning
Early planning has several benefits. By thinking ahead and making well-informed decisions, you will be able to protect your loved ones. Moreover, by investing in long term care insurance, you are protecting yourself from financial difficulties.
Remember that long term care services are extremely costly. For example, a nursing home private room now averages $77,000 per year, and basic home health services can cost you $21 per hour. If you have LTC insurance, you can live a stress free life knowing that you have an insurance plan to back you up. This will help cover the cost of expensive long term care services.
It is never too early or too late to save and plan for your retirement. Remember that when you retire, you are likely to lose your most important source of income. Another important fact about getting old is that medical problems are pretty common during retirement. This is because your body continues to deteriorate with age. To help you make a smooth transition to retirement, talk to your family about long term care planning. Secure your future as early as you can, so that you and your family can continue living a worry-free life.