health care costs in retirementPlan to Protect

Although not many individuals are eager to consider their possible inability to one day care for themselves, planning for such will be a must for those who wish to protect their nest egg. Take for example a couple with an accumulated nest egg of $350,000. Consider what would happen to that nest egg amount over time should either partner become ill or start to require some sort of daily assistance. Propose that either individual could develop Alzheimers disease, at first the disease could potentially progress slowly, only requiring a limited amount of in home care. However, if the situation were to progress even further and transform into a need for a nursing home residency, that nest egg could be drastically hit, leaving the other partner especially vulnerable.

Just Imagine

Imagine either you or your spouse develop the need for a nursing home care from anywhere from 3-5 years. Where would these associated costs leave you at age 70?  Could it be with a depleted nest egg and a need to continue full time work to fund the rest of your lifespan? Believe or not this is the situation many aged individuals will find themselves in each year. Long term care insurance may be the difference you need to keep this from being you. As you age you may find you require daily assistance with tasks such as bathing, dressing, continence, medication management and more. You may also find that most health and disability coverages wont covers costs associated with this type of care. You will learn that this type of is categorized as long term care and while 70% of Americans over 65 will require this care, it is not inexpensive. In fact, the average costs associated with end of life care alone range from $217, 820 to $341, 651 and this care can include;

  • Nursing home care
  • Assisted living facilities
  • Adult day care services
  • In-home care
  • Home care
  • Care arrangements

Traditional Long Term Care helps ensure that at least a portion of your care regardless of where you choose to receive care, will be covered. This type of insurance could be crucial when it comes to protecting your nest egg.  Other options such as Hybrid Life and Long Term Care polices may also be a good alternative. 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.