I read an informative Sarasota Herald-Tribune article by Michael Moore Jr. and thought I’d share some of their thoughts.
Excerpts:
"Baby boomers, according to Trulia’s Housing Economics Research Team, are holding onto their homes at an increasing rate heading into retirement.”1
"A 2018 national AARP survey shows that 3 out of 4 adults want to stay in their homes and communities as they grow older. But the reality of aging in place comes with a distinct set of challenges - challenges acknowledged by those who took the AARP survey, as only 59% of those who want to age in their home feel like they will be able to do so.”1
Cost is a major consideration when determining where you will live as you age. Nursing homes can be extremely expensive and if not planned for in advance with Long Term Care Insurance, it can wipe out your entire retirement savings very quickly! Although staying at home may have lower total costs than a nursing home facility, even living at home still has significant costs! You need to consider the costs of such things as (but not limited to) hiring a private duty caretaker service to come to your home to assist you when you cannot completely care for yourself and/or Adult Day Care, etc.
Long Term Insurance can cover Nursing Home Care, Home Health Care, Adult Day Care and more, so it is best to explore your options now, well in advance of when you will actually need the coverage! Later in life as you get older and your health deteriorates you may not even qualify to purchase Long Term Care at that time and even if you do still qualify, it becomes increasing expensive the longer you wait to purchase a policy!
1. Source: Sarasota Herald-Tribune article by Michael Moore Jr.
https://www.heraldtribune.com/news/20190715/aging-in-place-is-on-rise-but-is-it-for-you
Article is no longer available at the web link in the source, but that was the original source.
Contact me at (941) 404-5334 to discuss your long term care options and/or get you started on the right track of getting yourself insured.