Planning For LTC

Living a long life is likely.....

                                          ..... planning for it is a necessity. 

Studies have shown that many do not factor in long term care expenses
into their retirement plans, even though they are aware of the likelihood
of needing some form of care as they age. When we are healthy, it is
difficult to consider an unhealthy future.

However, it is necessary to ask ourselves three basic questions:

What are the chances of this happening to me?

Its a fact, we are living longer these days. While this is good
news, it is also bad news. Bad news because, with an increased
life expectancy comes an increased likelihood that a risk to
health will occur needing care.

The Centers for Medicare and Medicaid Services estimate
that 60% of those over the age of 65 will need some form
of long term care.

What will it cost if it does happen?

How can I pay for these costs?

Your ability to finance the costs of long term care will determine
the quality of care received. In addition, the control of the care and the options available are a factor.

Health Insurance is not a reliable source as, along with Medicare
and Medicare supplements, it routinely excludes custodial care.
Custodial care makes up 80 - 90% of long-term care services.

Medicaid is not an option for anyone with assets. Its intended
use is as a safety net for the poor.

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