Long-Term Healthcare- A Crisis In America?

 In Financial Planning, Insurance Advice, Retirement

Long-term Healthcare- A crisis in America?

Let’s face it, you’re getting older.  There’s no way around it and no way to avoid it. The time to start planning is now!

Long-term Healthcare is on the verge of becoming a national crisis.   Many Americans are already struggling to afford long-term care and that number is  going to continue to steadily rise as the baby boomers age.  It might seem unnecessary to plan so far ahead, but the rising cost of long-term healthcare is something you need to be prepared for right away. A private nursing home is more than most people’s mortgages. A bill like that could empty your life savings in no time if you don’t have a proper long-term care plan in place. Although people are living longer they are not necessarily living healthier.

Insurance

Long-term care insurance is a good option if it is considered early enough. Want to wait until retirement to think about it? Ok, but what if you work until you are 70?  A health emergency could come at any time. Preparing for the unexpected and long term insurance can help cover you if there was an accident. Not only will it help cover the cost, but it lays out the plan on the measures you want to take. Having a long term health care plan relieves stress financially and emotionally from your loved ones.  The cost of an insurance plan can vary depending on age and health concerns.  Generally it is cheaper to get when you are younger.

Average U.S. Daily Care Costs:

Home Health Daily Aid $119
Nursing Home Care Daily $156
Nursing Home Care Daily-Private room $173
Assisted living facility- Monthly $2,537

 

Trust Planning

There are certain ways to structure your estate plan to include long-term care.  Having the right long-term care plan could be essential to protecting your savings for your spouse or heirs. This becomes more important if a spouse is in care and the other is still at home.  We have teamed up with Attorney Will Worsham to provide estate planning advice to our clients.  Together we may be able to position your assets and estate to protect them from long-term care costs.

Prepare For The Unexpected  

Knowing there is a plan in place to cover the cost of care can help relieve the financial burden from your family and the focus can switch from money and decision making to immediate treatment and support. Even 20 years down the road when you need assisted living your family would know your exact wishes and the course of care to act on.

“The cost of long-term care is rising every year, which can put you and your family in a financial pit if you don’t prepare for this as early as possible. Protect yourself today so you can have the peace of mind knowing that you and your family are covered.”2 Make a plan today, invest in your future. The aging and health care isn’t just one person’s problem, an entire family gets impacted by the bill each day.

If you are interested in Long-term care planning, we can help!   417-882-1800 or email info@resourcecenterinc.com

 

  1. https://www.modernhealthcare.com/article/20160510/NEWS/160519999/long-term-care-costs-continue-to-rise
  2. http://www.altcp.org/long-term-care/long-term-care-cost/

 

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Investing involves risk, including the potential loss of principal. The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.   

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice.  Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation.  Our firm is not affiliated with the U. S. Government or any governmental agency.  Investment advisory services offered only by duly registered individuals through (AEWM).  AEWM and The Resource Center are not affiliated companies. #207048

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