The importance of long term healthcare
KGO News, November 18th, 2009
Can you afford NOT to have long term care? The long term care crisis and its impact on your family's future financial security.
Long term care crisis:
The cost of long term
care can severely impact your family's future financial security.
Requiring care in any setting is not a topic many of us want to talk
about, for obvious reasons. But the fact is, 40 percent of Americans
who need long term care are working age adults 18-64 - and this care
comes with a very steep price tag.
For example, according to recent data from Genworth Financial the
national average cost for one year of home care is more than $42,000.
According to Dr. Dychtwald's research, the biggest financial worry
among the 55-and-older population is covering uninsured medical
expenses during retirement.
Dychtwald adds that today people
are living longer than ever before and this longevity revolution is
creating an unprecedented "age wave." However, living longer creates a
greater possibility of health issues along the way and the burden of
care giving usually falls to the closest relative.
The key steps needed to secure financial peace of mind:
There
are three things that the average individual ought to be thinking about
when it comes to long-term care in terms of next steps.
-
Talk to your family members, this shouldn't be some sort of secret or
something that people aren't comfortable discussing. You know it's...
it's a fact of life in this more lived era.
- Talk to
a financial professional and that could be an insurance agent, a
broker, an accountant, a lawyer, maybe you got a brother-in-law or a
cousin who's in the business, talk to them about long-term care.
- Don't just leave it vague and in the mist, write it down, take steps, make a plan and then execute against that plan.
Read more of this article.About Reverse Mortgages: Learn all about reverse mortgages at NewRetirement.com
Professional Financial Advisors: Find out what a financial advisor can do for you at NewRetirement.com.