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As retirement approaches, many individuals start to think about how they will spend their golden years. However, an often overlooked aspect of retirement planning is long-term care. Many retirees do not realize the financial burdens that can come with needing long-term care services, and as a result, they may find themselves going broke trying to pay for these costs.
Long-term care refers to a range of services that are designed to help people with chronic conditions or disabilities who are unable to care for themselves for an extended period of time. This can include assistance with daily activities such as bathing, dressing, and eating, as well as medical care and rehab services. Long-term care can be provided in a variety of settings, including at home, in assisted living facilities, or in nursing homes.
The costs of long-term care can be staggering, with the average annual cost for a private room in a nursing home exceeding $100,000 in many parts of the country. Even home-based care can be expensive, with costs averaging around $20 per hour for a home health aide. These costs can easily deplete a retiree’s savings, investments, and other financial resources.
One of the main reasons retirees find themselves going broke because of long-term care is that many do not adequately plan for these expenses. Medicare, the government health insurance program for individuals aged 65 and older, does not cover long-term care services. While Medicaid does provide coverage for long-term care, individuals must meet strict income and asset eligibility requirements to qualify, leaving many retirees to foot the bill on their own.
To avoid going broke in retirement due to long-term care costs, it is important for individuals to plan ahead. Purchasing long-term care insurance can help cover some or all of the costs associated with long-term care services. These policies typically pay a daily benefit amount for a set period of time, helping to protect a retiree’s savings and assets.
Additionally, retirees should consider creating a comprehensive financial plan that accounts for potential long-term care costs. This may involve setting aside funds in a dedicated long-term care savings account, or exploring other options such as a reverse mortgage or annuity.
Ultimately, the key to avoiding financial ruin in retirement due to long-term care costs is to plan ahead and consider all potential care needs. By taking the time to research and understand the options available, retirees can protect themselves from the financial burdens that can come with needing long-term care services.
Great video, spot on……..my mom recently passed away and my dad is now in memory care with dementia. I own their home, it’s safe but we are depleting his savings to pay for memory care. His needs are met and then some. He doesn’t need any money and enjoys seeing his family almost everyday. He’s 84 and has lived a great life.
Amen. It's a scam to prey on your worries. Most won't need it and those that do will for about 6 months at best (or worst). Josh, would you consider leaving one's home equity as a hedge to fund end of life healthcare if needed?
DON'T COUNT ON 'GOVERNMENT' TO BUILD A 'COHERENT' LONG TERM CARE SYSTEM!
My father was in a nursing home for about 4 years at a cost of ~$100k/year. He spent down all his savings and then medicaid took over. Mom got to keep the house and her social security so she remained okay. It's certainly fair to pay down your savings and let medicaid take over. How well this works may depend on the state rules though.
Well Josh we are now paying for the migrants' families for generations to come!
If you think you're going to die broke find the best honest (if that is such a thing) Estate Planning Attorney in your state to shield your assets legally.
You have no idea how much this information has Helped me. Fear sells. Look at the human anatomy. the way the teeth and digestive systems are structured for us to be an omnivore. Thank you
I would like to see a carve out of how many of those people who die broke are essentially broke before LTC was an issue. One number I read said that 10% of US households have a negative net worth.
Biggest distinction I learned in caring for my Dad. Not-for-profit facilities won't throw you out when you run out of money. For-profit facilities will.