Planning is essential in today’s environment of steadily rising health care costs.
After retirement, most of your living expenses can be controlled within your budget. However, the need for long term care can wreak havoc on even the most carefully planned budget. Today’s long term care facilities can cost upwards of $100,000 a year. These costs have been rising by an average of 7% a year. If you were to extrapolate these figures at a 5% inflationary rate, the cost will be over $400,000 in 30 years. This would be a prohibitive expense even for those with a very large estate.
How much long term care insurance planning is appropriate for you is very dependent upon the region of the country you live. A financial service representative can review the various features of a long term care plan and help you design a strategy that is appropriate for you.
We can assist you with your long term care needs.