7 in 10 people age 65+ will need long-term care.

When planning for retirement, we often think about protecting our assets from market volatility, taxes or inflation, but there’s also an increasing need to consider the potential effect of long-term care costs. There’s a high likelihood that you’ll need some sort of long-term care in your life. It can be expensive, and if you don’t have an adequate strategy to cover such costs, your assets could be rapidly depleted.
Long-term care services include a broad range of health, personal care, and supportive services that meet the needs of people whose capacity for self-care is limited due to:

  • A chronic illness
  • Injury
  • Physical, cognitive or mental disability
  • Other health-related conditions

Some common long-term care services include:

  • Help with eating, dressing or bathing
  • Housework
  • Preparing and cleaning up after meals
  • Physical therapy following an injury
  • Administering medications

Long-term care services can take place in a variety of settings, such as:

  • In the home
  • In the community at adult day care facilities
  • At assisted living facilities
  • Or in nursing homes.

A typical private room at a nursing home can cost more than $80,000 per year,6 and even a home health aide could cost more than $30,000 per year. Money you set aside in a savings or retirement account could quickly evaporate if you don’t have a strategy in place, and that could limit your options.

 

Source: Global Atlantic Financial Group

https://dfs-marketing.com/insurance/annuity/fixed-annuity-long-term-care-benefits/

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