Funding Long Term Care

CB044104It appears that long term care costs continue to increase which is putting a squeeze on those baby boomers who are on the brink of retirement. “Because the costs of long term care insurance and other health related expenditures are rising and the income system is contracting, these latest findings raise major concerns about the retirement security of baby boomers and succeeding generations.” That is the outlook from Alicia H. Munnell, Director of Center for Retirement Research at Boston College.

Options for long term care financing include Long Term Care Insurance, Medicaid, or private pay. And how much does one need in order to cover these expenses? That is a loaded question, but figure a good long term care facility starts at $3,500/month. Private pay as an option could be a spendy one. Medicaid will cover those with few financial assets, but the level of care is minimal, and finding a facility that takes Medicaid can be difficult.

For those who are considering their long term care plan, it would be wise to talk to an expert in the field. Long Term Care Insurance costs vary depending on a lot of factors. If you are concerned about this cost, take a look at how a reverse mortgage may play a role in financing this high cost product. If health history prevents a Long Term Care Insurance policy, then it really does pay to look into the reverse mortgage option. Planning for this type of event is not necessarily a fun thing to do, it may prevent a major headache down the road both for you and your heirs.

For questions about any of these options, please visit my website here. And for a full report on the rising costs of long term care, visit this article.

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