Long-Term Care

Plan with the Long-Term in Mind

Long-term care refers to a range of services and support necessary for individuals who are unable to perform basic activities of daily life due to chronic illness, disability, or aging. As people age, the likelihood of needing some form of long-term care increases. Approximately 70% of individuals turning 65 will need some form of long-term care during their lives, with women and older individuals being at higher risk.

The current cost of long-term care, depending on how elaborate of care you want, lands somewhere between $75,000 – $125,000 per year. If something happens, where will that extra income come from?

Proper planning, including financial and legal preparations, can help manage potential long-term care needs and associated costs. Utilizing benefits like Medicaid, Medicare, and long-term care insurance can significantly ameliorate the costs of potential long-term care. When it comes to your health in retirement, an ounce of prevention is worth a pound of cure.