Your future long term care
If you are like most individuals you probably haven’t given extensive thought to figuring out who you will pay for you future long term care. In fact, most people only begin to consider long term care at time of placing their parents in long term care and again when they themselves actually need it. This can be counterproductive given that someone 65 today has a 70% chance of needing long term care. Women on Average can expect to need at least 3.7 years of care whereas man can expect at least 2.2. The average lifetime span or costs of long term care is also quite steep and estimated at $172,000.
Logistics and costs
This large figure would suggest that perhaps we should think about and plan for the costs of long term care far more than we currently do. As you continue to age you should give thoughts to both the logistics and costs associated with your aging. The logistics can help determine your overall cost but can also help ensure what you truly want is available to yourself. This is the time to ask yourself these questions such as; Where will I want to age? Do I plan to stay in this area? Will I consider a facility or is at home care my only option? Once you have examined various factors that go into long term care you should have a better idea of your overall costs as well as your payment options. You can then consider if long term care is a viable option for you or if out of pocket funding makes the most sense. Another important factor to consider is whether or not your health is already declining and/or you have a family history of health issues. If this is the case then you are at higher risk for needing long term care and immediate planning should be of more priority to you. You are not alone in being currently unprepared for all that may one day arise however, challenge yourself to check off more and more each day.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.