Long term care is becoming an increasingly important issue in this country. The aging baby boomer population in the United States is approaching 80 million. Beginning January 1, 2011, there are 10,000 baby boomers a day turning 65 and this is expected to continue the next 20 years. As Americans continue to live longer, millions will face the prospect of needing or providing long term care at some point in their lives.
Long term care covers a broad spectrum from nursing home care for those with complex needs, to adult day health care and assisted living facilities, to home care. While the costs associated with each type of care vary greatly, they can add up quickly. In just a few short years, families can deplete their savings as they pay for a loved one’s increasingly expensive care out of their own pockets.
Did you know that while most people think of long term care as impacting only those in senior years, 40 percent of people currently receiving long term care services are ages 18 to 64?
Long Term Care Specific Questions
• Have you developed a plan to help address the cost of a potential LTC event?
• Have you considered the impact a long term care need may have on your family and loved ones?
• How do you plan to pay for your long term care needs? With cash assets, or will you have to liquidate securities such as stocks, bonds, or mutual funds to pay these costs?
• Have you considered the tax consequences or withdrawing funds from retirement plans to pay for long term care?
• Can you think of any reason you would choose to self-insure a potential risk to your retirement assets?
• Which risks cause the greatest concern — financial risks due to market conditions or unanticipated long term care costs due to old age, poor health, or disability?
• Are you concerned about risks to your retirement plan?
• Have you considered the impact long term care needs could have on your spouse’s future retirement income and financial security?
• Do you know what the current costs are in your area for long term care at home, in an assisted living facility, or a nursing home?
• Are you aware of the impact of inflation on your potential long term care needs?
• What do you expect long term care to cost when you are likely to need it?
• Do you know anyone who has needed long term care either at home or in a facility?
• Given a choice, would you prefer to receive care in your home or in an assisted living or nursing home facility?
These are powerful questions. Let’s talk about solutions.
For a no cost, no obligation consultation please call us at 717-575-5227