Long Term Care
Health care costs have been on a double-digit rise year-over-year, which has struck a high concern among baby boomers and for good reason. Health care cost is a key factor in un- planned retirement fund spending, so as health care costs rise, retirement income depletion is accelerated, making retirement and long – term care planning crucial. When planning for your retirement health care costs two key points to keep in mind are.
Medicare will not and does not cover long term care for nursing homes. Private and Medicare insurance does not cover any type of maintenance care. Nursing home residents with Medicare pay 60K to 80K on average per year for institutional care. This will dramatically increase the depletion rate of your retirement income and assets. Planning for these costs through establishing Long-term care insurance can help insure your retirement income and assets hold up as planned.