As the oldest baby boomers begin to wind through their 60s, one of the biggest concerns may not be outliving income, but outliving good health.
For retirees, home health care can cost $50,000 or more per year,1 and nursing home care can run as high as $83,9502 per year. Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.
1 GenworthFinancial. March 2015. "Genworth 2015 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes."
2 MetLife. November 2012. "Market Survey of Long-Term Care Costs."
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