This story originally appeared on NewRetirement.
You might not like the idea. You might try to deny the idea. You might convince yourself that you will be the lucky one to stay healthy until your last day.
However, at least 70% of people over age 65 will require some form of long-term care services and support during their lives, new research shows.
“Unfortunately, the price of long-term care has gone up enormously over the last 20 years,” says Bill Driscoll, a certified financial planner with Plymouth, Massachusetts-based William Driscoll Insurance. “It seems to be slowing down a bit, but it’s a problem. Very few people have the ability to self-insure.”
Driscoll has been in the financial services industry for more than 20 years. He’s been offering long-term care insurance as part of his financial planning practice for 18 years.
“When I first started offering long-term care insurance, I typically offered a policy of $100 a day, thinking that would cover more than 75% of the cost of care,” Driscoll says. “Today, I generally encourage people to look at [policies of] well over $200 a day, and in some cases $300.”
The increasing need for long-term care and assisted-living services — and the rising costs of these services — can put some Americans in a tough position during retirement.
But it may be easier for some people to pay for long-term care than others, depending on where they live.
Each year, Genworth tallies and ranks the costs of long-term care by each state. In general, its report has consistently found costs can vary dramatically nationwide.
Here are the top 10 most expensive places for long-term health care, according to Genworth’s most recent study:
- Alaska
- Massachusetts
- Washington, D.C.
- Connecticut
- Hawaii
- Vermont
- New Jersey
- New York
- Nevada
- North Dakota
Given the data, it’s clear that long-term care costs could easily devastate your retirement nest egg if they aren’t accounted for and planned into the budget.
The following are some ways you can plan ahead.
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October 23, 2020 at 02:30PM
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7 Ways to Plan for Long-Term Care Costs in Your State - Money Talks News
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