Do you have a written care management plan for your immediate family members?
You might be shocked to hear that if you reach age 65, you haveover a 70% chance of entering a nursing home during your lifetime. With the median annual nursing home rate being over $91,000, it’s important to protect yourself from this potentially devastating cost.
The earlier you plan for your future retirement health care expenses, the easier and cheaper it is. Almost 80% of the elderly that need long-term care require help from family members and friends and more than a quarter of expenses are paid out of pocket.
If you are healthy and young today, it’s hard to imagine that one day you may need assisted living care services. Some key things to think about regarding long-term care insurance include:
- Buying younger is better (and cheaper)
- Policy provisions vary widely – it’s important you understand them
- There are ways to make it more affordable by being flexible on the coverage terms
- Premiums also vary widely – it’s important to shop around
- Some policies have cash value and death benefits for your beneficiaries
Rob and Karen were adamant about staying on track for their savings goals for retirement, even if that meant planning a cheaper vacation or cutting back in certain areas. When Rob turned 50, his widowed mom had a stroke and needed constant care. Living off of Social Security, there was no way she could afford the type of care Rob wanted for her. With no long-term care in place, Rob was forced to dip into his retirement savings to take care of his mom. A Financial Life Inspection® will take a look at any possible ways this situation might play out for you. We’ll recommend long-term care insurance when it makes sense.
Back to the original question: Do you have a written care management plan for your immediate family members?
If you can’t answer this question confidently, then we should talk. Through yourFinancial Life Inspection®, Pacific Capital shows you exactly where your gaps are in your financial plan and how you better can take care of your family.