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Long-Term Care Costs Could Hurt Your Savings… But You Have Options!

Chances are you haven’t factored long-term medical care into your financial plan. Two out of every three baby boomers don’t have any plan in place for needing long-term care.[1]

Long-term care is medical care that goes beyond just normal doctor’s visits. It is medical care where someone helps you with the functions of everyday living, like eating and bathing. It can look different from person to person and situation to situation, but no matter what you may need, the costs can add up.[1]

So why don’t people plan for this? Because they feel fine right now. You don’t need any help to walk down to your mailbox. You don’t need any help sorting out your medications. You don’t need any help making dinner every night. But what about 20 years from now? What about 30 years from now?

Here’s a fact that might change your mind about long-term care: According to 2020 data, nearly 70% of 65-year-olds will eventually need long-term care services or support.[2] 70% is a huge number. That means more than two out of every three retirees are predicted to require long-term care at some point in their lives.

And long-term care might eat away at your savings. The national median for a year-long stay in a nursing home is over $100,000.[1]

When we put all these numbers together, we understand that long-term care is something a lot of folks will need, it’s something not a lot of people plan for, and it can be very expensive.

All of this might seem daunting, but there are options for mitigating the cost of long-term care. There are strategies and plans that exist that might allow you to reduce the burden of long-term care and protect your savings. There are various combinations of things like insurance, family care, and additional savings that can help ease some or all of the costs associated with long-term care.

If you don’t currently have long-term care factored into your retirement and financial plan, schedule a call to reach out to one of our financial professionals today at Cornerstone Wealth Management for a complimentary review of your finances. We can help you look at every angle of your financial plan and develop a plan that covers blind spots you may have when it comes to retirement and long-term financial planning.

 

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