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Helping you plan for a secure future
We have a manufactured vision of what retirement is, and that doesn't necessarily correlate with reality. Unless you have a well-thought-out scenario, you're going to be in for a shock at retirement.
— Paul Allen,
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Long Term Care
Although we rarely feel comfortable discussing this issue with family and friends, if you are over 50 it's something that's on all our minds.
Here are some things to consider:
1. What is the likelihood that I or my spouse will require LTC?
- For a couple turning 65, there is a 70% chance that one of them will need long-term care. - Wall Street Journal
- As the Baby boomers age, the number keeps rising. Now experts say that 65% of people over 75 need long term care. The average facility stay for older folks is about 3 years. - Business Week
- (This is nursing home only stay estimate and does not include home care or assisted living, which usually come first.) 97% of people over age 85 require assistance in the last year of life. - The LTC Report
- Singles are at risk, because they're usually not with someone who can properly care for them. The same is true for wives who tend to outlast their husbands by a seven year average.; - JB Quinn
2. What is the average cost for care here in California - How much money will I need?
- According to Genworth one of the leading providers for LTC - In 2016
- Average monthly cost for an assisted living facility was $4,000
- Average monthly cost for skilled nursing facility (semi private room) $7,604
- Average Monthly cost for a skilled nursing facility (private room) $9,338
3. What are my options - and is it to late to start planning?
Its never to late to start planning for Long Term Care! Evan if you are already in need of care there are still options available. In today's ever changing market and with Baby boomers retiring at an unprecedented rate carriers and providers have had to become very resourceful in designing plans and programs that meet nearly anyone's needs. Make it a point to sit down with one of our experts to help you start planning today. A no cost no obligation discussion that may get you on the road to success and peace of mind.
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