Stay Safe After 70: Long-Term Care Planning Essential
Great news: Life expectancy in the United States is now about 78 years and 2 months — another all-time high. The not-so-great-news: The longer you live, the more likely you’ll need long-term care…
As many as 70 percent of people who are now 65 will need long-term care at some point during their remaining lives. And the incidence of Alzheimer’s rises with age, with fully half of people 85 and older likely to suffer from the disease.
The bad news: The cost of long-term care for is only going to go higher. To get a sense of how much you might expect to pay for various long-term care facilities in your area, check out this nationwide “Cost of Care” survey from Genworth Financial.
The bottom line: You may live longer, but it ain’t gonna be cheap. In fact, your aging parents may have it pretty good compared to what’s going to be left of Medicare and Medicaid when the Baby Boomers get through with it.
All of which means that you need to start thinking about your long-term care options now. For a straightforward, step-by-step guide to planning your long-term care needs, start here.