As the oldest baby boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving good health.
With at-home care services averaging $20 per hour and assisted living facility costs averaging $3,628 per month1, it’s understandably daunting. Does your retirement strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.
1 Genworth Financial. April 2016. “Genworth 2016 Cost of Care Survey.” https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/131168_050516.pdf. Accessed Aug. 31, 2016.
2 Ibid November 2012. “Market Survey of Long-Term Care Costs.”
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