70% of Americans 65 and older will need some sort of long-term care.
A financial advisor with experience in planning for retirement may be able to identify potential gaps in your retirement plans and offer investment solutions that can help minimize the impact of major expenses. Pre-retirees can greatly benefit from an advisor who creates a plan of action that devotes a percentage of household income into investment products that will be used exclusively to pay for these potentially high costs.
Yes, your Social Security spousal/survival benefits can be used for long-term care costs.
Long-term care insurance covers personal and custodial care in different settings such as facilities, a community organization, or your home. These insurance policies compensate policyholders a daily amount for services to assist them with daily living activities.
Women generally have a higher life expectancy than men, which increases the number of years they might need long-term care. Additionally, the average stay for a woman in a nursing home is two years, and over 70% of nursing home residents are women.
Prices fluctuate based on the availability and quality of care, economic factors, and population distribution, which in turn can vary depending on state.
There are several types of long-term care. A person’s health status and cost of care can factor heavily into which type of care is best for them.
Knowing whether or not someone will need long-term care in the future is a difficult question to answer. There are multiple factors that can help predict this, but there is no way to be certain until the time comes. Your health and life expectancy are the best predictors, but because it is not certain that every person will need long-term care, it is important to plan ahead in anticipation for such costs.