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.