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Baby boomers must plan for long-term care

There are three primary things that many older individuals are concerned with as they approach retirement and beyond in New York: living independently in their own homes, staying healthy and having access to quality care, and the desire to have the financial support necessary to sustain their lifestyle. Failing to research long-term care planning can leave retirees exposed to big threats in their golden years.

Many people encounter unexpected health care events that put retirement savings and plans at risk. Long term care is a need that up to 70 percent of the public will require, according to studies. Some individuals believe that government assistance will help them, but this is true only to a point. Those who take the gamble by not planning for long-term care needs are essentially self-insured.

Long term care provides help with activities of daily living, such as getting dressed, bathing, or eating. This care may be provided in a nursing home, private home, or an assisted living community, but it is very expensive. The median cost for a private nursing home room in New York is $358 per day. Home health aides, homemaker services, and adult day health care are also costly, possibly decimating a retiree’s savings with just one event requiring long-term care.

Long-term care isn’t just a need for older individuals, either. Long-term care needs can be triggered by a serious accident or chronic illness. Leading long-term care companies have had claimants in their mid-20s as the result of such incidents.

Planning for long-term care involves looking at all the possibilities for insuring yourself against these high risks. You will be able to make an informed decision about what you’d like to happen and where you’d like to go if you need long term care. It is advisable to plan ahead for long-term care and mitigate your risks; an experienced attorney might be able to assist you. 

Source: Naples News, “Put long-term care into your financial planning,” April 22, 2014

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