Sara and I are finding that we are having more and more conversations with clients in regard to Long Term Care planning. Many of our clients are caring for aging parents and recognizing the challenges this creates for families.
The baby boomer generation has brought with it a unique set of challenges. Greater numbers of individuals are in or nearing retirement than ever before. Life expectancies are steadily increasing at the same time. This has both good and bad consequences. Advancement in medical science combined with new and innovative thinking has resulted in many additional resources. But with additional choice often comes increased costs. The cost of aging is skyrocketing, putting a strain on our collective financial resources as well as our healthcare system. Talk about a fiscal cliff? This may develop into yet another perfect storm.
While we may be reinventing retirement and enjoying a more active, more mobile and more robust lifestyle than past generations we are fast realizing we may not have the financial resources or savings to pay for it. This is an area of increased concern for many of our clients. What we are hearing is that there are generally three misconceptions about Long Term Care:
1. “It won’t happen to me.”
2. “My family will take care of me.”
3. “Medicare will pay for it.”
Is this something that you have been thinking about as well? Maybe you think you will be one of the lucky ones who won’t need it but statistics don’t support that thinking. Long Term Care Community environments including: home health, assisted living, skilled nursing or memory care are expensive. Paying for this care is a problem that weighs heavy on the minds of seniors and their families.
Below is a link to a quick 10 minute video that may help you sort through the facts, figures and trends in order to make the appropriate choices for your situation:
In addition this short article may help answer some of your questions:
On our website Financial Strategies for Life you will find many additional resources to help you navigate your financial life and the many complex choices you face. As always we offer a complementary initial consultation and are here to help. We are happy to answer your questions and help you determine the right path for you and your family.