Retirement Planning Mistake #3: No Long-Term Care Plan

Retirement Planning Mistake #3: No Long-Term Care Plan

Anyone who has cared for an aging parent knows first-hand the toll it can take on their loved ones and their savings. Both the time and money needed to provide quality care can be staggering.

According to the US Department of Health, 70% of people over 65 will require care at some point in their lives.  In the DC metro area, the median annual rate for a private room in a nursing home is $109,580 and it costs $20 per hour for Home Health Care services, in 2013. Genworth has a terrific interactive state-by-state guide to help calculate future long-term care costs.

Given that 50% of claims last more than one year and medical costs are projected to continue rising faster than inflation, these costs adds up quickly.

It’s important to know your long-term care options and how you plan to pay for these future expenses if you need to.

About the Author

Charl Oosthuizen
Independent Financial Advisor / Onafhanklike Finasiële Adviseur Ultrafin Finansiële Oplossings (Edms) Bpk / Financial Solutions (Pty) Ltd FSP 35757 Cell: 083 377 1441 | Fax: 086 617 8137 | Tel: 086 111 4602 Besturende Direkteur. Charl is sedert 1990 betrokke by versekring. Verantwoordelik vir oorhoofse bestuur van maatskappy, met spesifieke fokus op die Kort Termyn Afdeling as ‘n boer in murg en been lê die landbou vir Charl baie na aan die hart. Dus vorm Agri Versekring en gepaardgaande NIS produkte ‘n belangrike deel van Ultrafin se Potefeulje.

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