Whether you choose to settle down in a retirement community or to receive care in a nursing home, or perhaps to simply stay home and hire a home health aide which charges $19 an hour, there’s no escaping the high costs of long term care.
Only with a long term care insurance (LTCI) policy can you afford to have peace of mind because you’ll manage to survive what is currently perceived by the aging folks as a pain to their finances and a threat to what is otherwise supposed to be a phase of relaxation and comfort.
If you’re retiring soon and contemplating moving into a retirement community, you must be prepared to fork out $2,000 to $5,000 a month. These figures are not yet inclusive of your personal supplies so think of how much more you’re going to spend let’s say for three years or even five, as it has been foreboded that baby boomers have a longer life expectancy than the past generations.
LTC facilities are no doubt soaring fast that is why those nearing the age of 60 have repeatedly been told to plan for their retirement years. If you’re prepared then you’ll definitely be able to sail through old age unscathed. If not, then I wonder how you’re supposed to face the cost of home care, assisted living facilities and nursing homes once prices double in 2026 and increase fourfold 20 years from now.