One of the most common obstacles that people face is the need to pay for long term care insurance. You saved for retirement but what happens if you, your spouse or one of your children needs long term health care? The cost of care in a nursing home or similar environment can top six figures annually! Even if full nursing home care isn’t needed, home health care and other options still run thousands of dollars per year. Don’t let your nest egg drain when there are other ways to pay for long term care. The Financial Guys are located in Western, New York and they will assess your situation to determine what your long term care insurance needs are.
After we work with you to determine your long term care insurance needs, we’ll then help you map out a plan to make sure that you’re protected. It’s important to plan for the future as the numbers listed above are only going to increase with inflation. In the meantime, the following information on long term care insurance can help give you more insight:
What types of long term care may I have to plan for?
Long term care may be needed in the form of in home health care, assisted living or nursing home care. In home health care involves a qualified home health care specialist giving you the care that you need in the comfort of your home. Assisted living care involves living in an assisted living facility where residents receive help with health care or other daily needs. How much assistance a person gets will depend on their specific needs and the services that the facility provides. Nursing home care involves around the clock health care and living assistance.
The cost of each type of care is expected to continue to rise significantly over the coming years. Predictions indicate that the cost for each of these types of long term care options may triple or more in the next 20 years.
What if I plan on moving to another state when I retire?
This is a good question as the cost of long term care varies significantly by state. If you have plans to retire elsewhere, this is a good point to mention so that we can help you assess whether long term care costs would be higher in that area.
Do I only need to worry about long term care during my retirement years?
No, long term care insurance isn’t only needed during or for your retirement years. Long term care insurance is an option that should be looked at no matter where you’re at in life. If you or someone in your family gets injured or becomes severely ill, long term care insurance may be needed then as well. The Financial Guys will discuss all of these factors with you to help determine your unique needs.
I feel my retirement savings is enough to cover the cost, why should I reconsider?
This is a common thought but there are quite a few reasons why long term care insurance may still be needed. To start with, the costs of long term care are only going to go up, not down. Having this extra protection in place may be able to prevent you from having to use part of your retirement for long term care. On top of the rise of cost, if you plan on leaving assets to your children or other family members, the amount that you plan to pass on to them may significantly decrease if you find yourself paying out of pocket for long term care. Finally, if long term care insurance is not in place and you use up your retirement savings to pay for the care, any remaining amount owed may place a burden on your family members.
No one wants to have to use long term care insurance but it’s best to be fully protected. Contact The Financial Guys in Buffalo, New York to start planning your long term care insurance needs.