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What is your long term care plan?

by The Stewardship Solution

Did you know that a majority of retirees are going to need some form of long-term care, whether at home, or in a facility?

And the costs are going to range substantially, depending on the level of care. According to the 2018 Cost of Long-Term Care study by Genworth, homemaker services can cost up to $4,000 per month and a private room in a nursing home is $8,400 per month.

Several years of these types of costs can make a huge dent in a retirement nest egg.

Have you thought about where you will pay these type of costs from?

If you think that Medicare covers long-term care expenses, you are mistaken. Medicare covers only a short number of months in particular circumstances. Most retirees are on the hook for nearly 100% of long-term care costs.

Long-term care insurance is expensive. In fact most to shop long-term care insurance never follow through either based on the cost or the distaste of the “use or lose” nature of the insurance.

This causes retirees to be in a Catch-22… Pay substantial insurance costs or leave oneself exposed to huge risk.

Have you thought about a plan for covering long-term care costs if they are needed?

What’s your current plan? contact me and let me know.

Filed Under: Retirement Planning

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Copyright THE STEWARDSHIP SOLUTION AND DERRIK HUBBARD, CFP®.
THE STEWARDSHIP SOLUTION IS AN INVESTMENT ADVISOR REGISTERED IN TENNESSEE.
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