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What Healthcare Costs Should You Plan For As You Age?

by wrich

By Liz Miller, GetSetUp 

We often think about planning for retirement, but sometimes we may forget that planning for long-term care is part of retirement. The National Institute on Aging defines long-term care as “a variety of services designed to meet a person’s health or personal care needs during a short or long period of time. These services help people live as independently and safely as possible when they can no longer perform everyday activities on their own.” This will often include home care assistance or nurses and many other tools to assist people as they age and need additional help.

Liz Miller, GetSetUp

According to an AARP study, about 52% of people over the age of 65 will need long-term care.  Some people may only require these services for a short time and others will need them for years to assist with diseases like Alzheimer’s or Parkinson’s.  An important part of  Retirement Planning is long-term care – because if you don’t have a plan in place it can wipe out your retirement savings.

4 Key Concepts Sara Recommends For Planning for Long Term Care

Sara Finkelstein helps people plan for retirement, long-term care, and organize their finances. She knows that Long-Term Care is a part of that. She is no stranger to long-term care as she assisted with her own mother’s long-term care. 

“I realized it could happen to me, just like it happened to my mom – one day I may need Long Term Care.  I had a personal family experience through my mom, but for many, the potential need for Long Term Care doesn’t enter their mind because they haven’t had an experience with it.”

Here are her recommendations to help you plan for long-term care in your retirement planning. 

  • 1. Get A Long Term Insurance Plan – These written plans provide the funds to pay for care once the insured goes on a claim.  These plans are “customizable” to fit one’s budget. A viable solution to this is a Life insurance policy with long-term care benefits, then if you are one of the 3 that don’t need it the funds pass to your beneficiaries, but if you do need it you have assistance for long-term care and don’t have to rely on informal caregivers nor spend all your retirement savings.
  • 2. Consider Your Living Desires – There are many options for living, from aging in place at home to independent living in a community, or renting and having an aide as you age. Factor in these costs in addition to more serious care like a nursing home or hospice.
  • 3. Long Term Care Is A Family Affair – Decide ahead of time who will be called when you need help. Create a chain of service and consider chipping in as a family to assure you have long-term care if you haven’t already planned. It’s easier to have a plan in place rather than deal with a crisis.
  • 4. Your Health Matters – You have to qualify for long-term care with your good health. Some people can’t qualify at 50 because of their health and others can qualify at 80 because of good health. The younger you are the easier and cheaper it is to get. Plus, long-term care isn’t just for older adults. There are many people using long-term care benefits between the ages of 18-65 due to a variety of health factors or accidents. Anyone over 40 should consider looking into long-term care.

Want to learn more and get your questions answered? Join Sara when she guest speaks on GetSetUp about how to avoid potential financial mistakes, understand the stealth tax, and why many retirees neglect to account for a hugely expensive bill in retirement, and why they need to. Join us on Tuesday, August 10 where live participants will have a chance to ask questions live. 

Guest Speaker: Planning For Life’s “What Ifs” with Sara Finkelstein

We all want and deserve to have a happy, carefree retirement. Retirement means different things to different people. However, all retirement plans require appropriate planning with the complete knowledge of “the what-ifs” and how they can impact you. Discover what you need to know so that once you retire, you can stay retired (if that is what you want)!

GetSetUp is a live, interactive learning platform for older adults who want to learn new skills, connect with others, and unlock new life experiences. Classes are taught by older adults and ensure everyone can actively participate. The platform helps older adults stay mentally and physically fit, creates economic opportunities through jobs and reskilling, and provides a community where people find meaning and purpose. To learn more, visit https://www.getsetup.org 



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