Financial concerns are one of the biggest worries–if not the biggest worry–that people have regarding aging. Preparing your finances ahead of your senior years is an important step when it comes to getting older, but it’s one of those complicated steps that not too many people are thoroughly confident in doing on their own. There are a lot of financial products and methods out there that claim they can help, but only a portion of them actually do. There’s a good reason why this is a number one concern for a lot of people.
Long term care insurance is a product that a lot of people have pointed to in the past as the key to a financially successful retirement. However, just like a lot of other things, this is a product that’s not always right for everyone.
For some, long term care insurance can be helpful. In fact, CNBC recently ran an article on their website discussing how not having this type of insurance can be devastating for seniors. While that may be a bit of an overstatement, it does point to an important truth: having a plan for your senior care needs is important. About 60 percent of those aged 65 and older will need some type of long term care in the future. Having a plan for how that cost is going to be covered is important.
Long term care insurance costs are going up significantly. One company recently reported that their premium rates had increased by 45 percent. While long term care insurance can be helpful, it is far less accessible now than it was ten years ago. It will not be helping as many people as it once did as a result of this. Finding other methods of paying for care–or lowering that cost through things like in-home care–will be beneficial for many more.
It’s important that you speak to a financial professional if you have questions about how best to prepare for this stage of life. They will be able to guide you through the many products that are out there and help you get pointed and connected with the ones that are going to be actually be helpful for you.
Finances and care are two pieces of the same puzzle that most seniors are putting together. It can be complicated and it can be frustrating. Just remember that no two situations are identical. What works for you won’t always be what’s worked for everyone else. It’s important to find the ideal solution for your specific needs. That’s why we pride ourselves on our ability to meet with each family that we work with and come up with a customized care plan for them. It might not seem like a lot, but we’ve found it to be a great way to ensure that the unique needs of each senior that we work with are best met.
Give us a call or send an email if you have more questions about how in-home care can fit in with your plan for your senior years.
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