Seventy percent (70%) of people age 65 will need to plan for disability and long-term care before the end of their life. A private room in a nursing home costs more than $100,000 a year! And a home health aide costs more than $50,000 a year. You can use Genworth to get an estimate on long-term care costs based on your location.
Long-term care is likely the largest unfunded retirement risk retirees face today, and it’s easy to see why when you look at the numbers.
Considering the facts, it’s clear that no estate plan is complete without some planning for things like disability and long-term care. When you’re still working, disability planning is about making sure you have the right amount of short-term and long-term disability insurance. As you move into retirement, the focus will shift to long-term care planning — how you want to receive it and how you want to fund it.
Solution:
Look into disability and long-term care insurance sooner rather than later! Every year you wait, the price goes up. Discuss your options with your insurance adviser. We have several fantastic insurance providers that we would be happy to introduce you to. You can book your complimentary initial estate planning consultation online, or contact our office at 719-259-4971.