So…who in their right mind WANTS to be “aware” of long term care? Most normally sane people would rather think about anything other than growing old and frail. Yet every October this is the officially Federally sanctioned month to promote awareness in the US about long term care. So here is our small addition to the mix:
DO NOT PLAY AT OSTRICH!
The data is quite clear: roughly 70% of us will end up needing long term care services as we age. If you live to be over 65, roughly 3 out of 4 of us will have a declining window of health before the end of life. And it is not cheap! Care today is ranging between $3000/month and $9,000 a month depending on where you live in the US and the type of care you require. If a person is 55 years old today, that figure will double once if not twice over the next 30 years. So if that 55 year old today needs care in his/her 80s, the price could be anywhere between $12,000/month and $36,000/month!
This is how people end up hemorrhaging money, going broke and ending up in welfare-based care. When they play at ostrich (either the “it will never happen to me” business OR the “well we can probably afford it” and they never did the math business!), care will rise up to bite them on the behind down the years and it is much, much too late to change the outcome at that point.
You DO need to have a plan for long term care costs – it is the biggest unplanned risk your retirement program faces. That plan does not have to involve insurance, but often times if you do the math you will decide that you should at least consider some financial product to off-load some of this risk. No matter what you do, though, be sure you speak with a competent advisor (or advisors) who can get you accurate information on current and future costs of care as well as help you winnow out what solutions might work for you. If you have questions, we have other blogs on Medicare/Medicaid, VA benefits and family assistance. Or, you can contact us and reach one of our professional brokers who can answer these questions for you so you are armed to make the best possible choice for you and your family.
Some additional links that might help you get started.
LINKS ABOUT LONG TERM CARE CLAIMS
- Choosing Long Term Care Providers
- Will I exhaust the Benefit?
- Change of Address for filing Long Term Care Claims
- Why Wont the Carrier Talk to Me?
- HIPAA Release Forms and Long Term Care Insurance Carriers
- Long Term Care Claims: Document Everything!
- Tips for Getting Paid on your Long Term Care Claim
- Free Worksheet for Long Term Care Claims
- Dutiful Heir(ess): Quality of Life and a link to Book about filing Long Term Care Claims
LINKS ABOUT BUYING LONG TERM CARE INSURANCE
- FAQ’s for Buying Long Term Care Insurance
- Why Do I Need A Long Term Care Insurance Policy?
- Buy Young
- Hybrid vs Traditional Long Term Care Policies
- How Do I Pick A Long Term Care Insurance Carrier?
- Consequences Ahead
- It Ain’t Your Grandma’s Medicaid
- Affordable Health Care Act vs Long Term Care Insurance