Have you ever considered long-term care needs? Most people don’t. Why? Because most people feel like they won’t need it. Ever. Even if they deal with some health issues as they get older, the possibility they might need some type of long-term care rarely ever crosses their mind, if ever. If you want to properly plan for the future, make sure long-term care insurance fits in so you can have those elder care needs covered and get a long-term care insurance quote.
If you’re one of the nearly 50 percent of Americans who have some type of savings or investment for the future, usually in the form of a 401(k) they know little to nothing about, you might not worry too much about how things will actually play out. You just assume you’ll have money to retire when you’re 67 or 70 or whenever.
Yet, more seniors rely on long-term care and more will continue doing so well into the future. That’s the reality of life we must face.
How to plan for long-term care.
No one really wants to think about the prospect of requiring long-term care. Neither for themselves or their spouse or another dependent. Yet, that’s a mistake far too many Americans continue making: assuming neither they nor anyone they love is going to require long-term care.
Then, it happens. It might be an accident, a heart attack, stroke, an aneurysm, complications from surgery, or any number of other potential issues that can cause serious and lingering health issues and physical challenges.
Imagine your spouse, at 72, perhaps just a few years into retirement suffering a major stroke. He or she is no longer able to take care of themselves. They might spend a few months in a nursing home, working with a physical therapist before they can return home.
Then what? You might be 74 or 75 yourself and unable to provide the physical needs your loved one requires. What are you going to do then? Hopefully, you consider hiring help, most notably home care or another type of elder care.
How are you going to pay for that? If you assume Medicaid will cover it, think again. In most states, Medicaid only covers nursing homes for long-term care. Plus, it only picks up the tab after you use up all of your available savings and other assets, which may very well include investments, retirement accounts, and the equity in your home.
Surprised? Most seniors are.
Sadly, most people may plan well for their retirement, invest wisely, save, and have plenty of money coming in to support them through their 70s and well into their 80s. However, they don’t think about the prospect of long-term care.
They never think about it. It simply doesn’t cross their mind when they’re in their 30s, 40s, or 50s and feel completely healthy and vibrant.
You might very well be fit as a fiddle. You could have a clean bill of health. You might have gone through an exhaustive physical with your doctor recently and everything looks great. Your cholesterol levels are perfect, your heart rate solid, and your blood pressure right on the money, but an emergency can happen tomorrow. It’s happened before and it will happen again.