Did you know that 70% of adults will need some form of long-term care in their lifetime?
But most people fail to plan for this common need
Costs vary widely depending on what state (or country) you live, and Medicare doesn't always help
Here's what you need to know...
Long-Term Care Defined
A range of services including:
*Nursing Home Care
*Home Health Aide
*Homemaker Services
*Assisted Living
*Adult Day Health Care
Why should you care?
Again the odds are you will require this care
75% of caregivers are unpaid family members, creating stress for whole family
Major health issues and the need to care for family impacts retirement timing for 50% of retirees
Costs vary widely from state to state!
Nursing home:
*Low = $78K/yr (Missouri)
*Median = $116K/yr (a place like Utah)
*High = $415K/yr (Alaska)
Assisted Living:
*Low = $45K/yr (Mississippi)
*Median = $64K/yr (a place like Colorado)
*High = $112K/yr (Hawaii)
And Medicare is not a guaranteed partner in your care journey!
Doesn't cover:
*24/7 Home Care
*Home Meal Delivery
*Personal Care that helps with daily living activities (ie bathing, dressing, using bathroom...when these are the only services you require)
Medicare may cover:
*Medically necessary part-time or intermittent skilled nursing care
*Durable medical equipment
*Medical Supplies for use at home
And it may be for only a share of the costs (depends on individual circumstances)
I hope you see the issue here
People are saving for a comfortable retirement, but their plans may be quickly jeopardized by the sudden need for care, and most don't have a plan in place
So what to do about it?
For people in the USA, the answer may be
Long Term Care Insurance
*Used for a wide range of care needs
*Addresses gaps in Medicare coverage
*Covers Policyholders up to a preset limit of costs for daily living
Ideal age for purchasing coverage: Before 60
Cost: Wide Range
Another option...move overseas!
This may sound crazy but the A+ Assisted Living Facilities abroad are fraction of the cost of their US counterparts
Might make sense if you are not that close to children/relatives
You would be giving up any chance of Medicare assistance though
Example
Taylor is an American Retiree in Kuala Lumpur Malaysia. He explored various assisted living facilities there and discovered the most expensive option was about $24K/year, almost 1/3 of the median cost in the USA
You get a superb clean environment with amenities
Planning for long-term care is not just about securing your future; it’s about ensuring peace of mind for you and your loved ones
Do you have LTC insurance?
Or have you been an unpaid caregiver for a family member?
Tell me your story!
PS Taylor is real person that retired to Malaysia
His video is here
