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Tuesday, May 17, 2016

Fifty Thousand Dollar Dilemma

The real "saving for retirement" plan needs to include strategies for downsizing, liquidating the multiple assets build up along the way, and allocating funds for long-term care. There is no other way to prepare for the unexpected need for help in the home or a short stay in a facility. Witness to many who have lost everything due to their rising medical costs and insufficient funds, I can only encourage those who haven't experienced this to always be prepared. There are long waits for public assistance and other grant-driven programs, with tedious paperwork and strict parameters for qualification. The cost of long-term care is high, exceeding $50,000 a year for part-time help in the home. Home is where everyone wants to be as they age but continues to be the most costly setting for long-term care. The dilemma involves deciding on a less expensive option for reasons of financial sustainability versus getting what you want at a higher price. In the end, it all comes down to money and how much is allocated for long-term care.

Long Term Care Costs 2016 | Genworth: Discover the average cost of long term care in your area with the Genworth Cost of Care Map and Survey. Learn more.

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