When people think of retirement, they can type a bunch of numbers into an online calculator and it will tell them how much longer they have to work, how much more they have to save, and what kind of funds will be available each month. Long term care planning isn’t quite that simple, and that’s why we’re here to help.
Where you want to retire
Retirement plans should always include long term care planning. Where would you like to retire? Do you have a home you’d like to stay in? 70% of people today say they would like to age in their home. Would you prefer assisted living for the social aspect? My grandmother really enjoys family style dining with friends and Bingo night. Do you have children who have offered a room? My great grandma lived with her daughter for over twenty years. Each situation has a different budget, and plan. According to the Genworth Cost of Care Survey the national monthly median cost for a home health aid is $5,148 and assisted living is $4,500. They don’t mention what your kids might charge.
"The national monthly median cost for a home health aid is $5,148 and assisted living is $4,500."
Family history and current health
Once you know the where, perhaps take a peek at family history and overall health. What happened to your great grandparents? Grandparents? Aunts and uncles? Is there longevity? Overall health? Or has there been incidences of dementia or chronic illness? How much care was required in their older years? And then of course you have to take a look at your own overall health.
Establishing a budget
Lastly, consider your budget. We have worked with a variety of people, and a variety of budgets, over the years. Some people have cash to cover their needs, others are probably going to require Medicaid, and the last group has a retirement they’d like to safeguard and are considering long term care insurance to protect it.
Working with a planner
As a reminder, health insurance and Medicare won’t pay for long term care expenses. And the cost of care will just keep going up every year. If you are ready to plan, check out our Get Started page. From there you can view a webinar, fill out a questionnaire to find out if you’re eligible, or request a quote from one of our specialists. You can see who we are, and what people are saying about us.
You’ve worked hard your whole life, you’ve saved and made plans for a great retirement. So don’t put off this last piece. Gain peace of mind, knowing you’ve got things covered. Plan for the long term care you want.