Long-Term Care Strategies
Who will take care of you if you are unable to care for yourself?
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. The median cost of at-home care services is $23 an hour, and the median cost of an assisted living facility is $4,051 a month1. Does your retirement income 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 what kinds of products could fit into a comprehensive long-term care strategy, one that is suited to your needs and circumstances.
1Genworth. March 30, 2020. “Cost of Care Survey.” https://www.genworth.com/aging-and-you/finances/cost-of-care.html. Accessed July 17, 2020.
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Retirement Income Planning Kit
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