A blog post

Rising Costs!

Posted on the 30 May, 2013 at 12:59 pm Written by in Personal & Family

 70% of Americans will need long term care at some point

 Few Americans reaching that age are prepared to pay for that care

 Fact:  A SCAN Foundation report states that families of the aging bear a major share of care costs paying out $450 billion in unpaid caregiving along with $63 billion in out-of-pocket costs.

  Planning ahead is essential to assuring any care needed ahead.  Taking prudent financial steps now means funds for future long term care will be available when needed.

  It’s an accepted fact that Americans now live longer.  10,000 baby boomers each day over the next two decades will turn 65.  As the population ages, millions will either receive or provide long term care.

 It’s a common assumption that the aging will either rely on government entitlement supports or family support to provide for their future care.  A 2010 Harris Interactive Age Wave survey indicates the aging generally fear becoming burdensome more than they fear death itself.

 Aging responsibly means crafting a written plan and sharing that plan with one’s family.  The plan should address three primary considerations:

 1.     How will I receive care

 2.     Where will I receive care

 3.     Who will provide the care

 Costs associated with care will inevitably change and it’s more important than ever to understand those changes.  For example, costs vary by region.  Many providers now offer consumer information via free mobile apps for iPhone, iPad and iTunes.

 Retirement planning and long term care planning go hand in hand.   One survey of costs puts the annual median rate of a nursing home private room at $83,950.  A good retirement plan coupled to a long term care insure plan helps to transfer some of the risk an unplanned long term care need may bring.

 As long term care insurance costs are lower for younger consumers, it a good idea to purchase a plan at a younger rather than older age.  In fact, it’s really never too early to get started!

 Long term care plans evolve to meet changing needs.  Currently available options give  the consumer the ability to tailor care packages to his or her individual needs, ranges and budgets.  Just as consumers have many options available in other areas of their lives, consumers now have many options available in choosing long term care packages.

 When considering long term care insurance, remember that knowledge is power and that there are many tools available to help an individual in making sound decision and completing solid written care plan.

Definitely something to think about . . .