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01 December 2001 |
“Heads Up” on the Issue of Long Term Care
As the nation heads into the 21st Century, we hear everyone from policymakers to financial planners talking about the future of Social Security and the lack of adequate retirement planning.
There is one looming gap that exists in retirement plans today that represents a far greater risk to people’s assets than all other insurable risks put together. - It is the risk of needing long term care within their lifetime.
According to government statistics, a couple who is 65 years or older faces a whopping 70% chance of needing long term care. With this issue coming to the forefront, people are learning that they need to make sure there is protection in place for their families.
Unless the scenario changes, it is highly likely that society can expect a crushing demand to fall upon government programs in the next 20 years. At the same time, a growing number of families will become impoverished trying to meet demands of the staggering costs of long term care.
At today’s costs, home care runs about 30K/year, while nursing home costs average upward of 50K. Exploring specific options with long term care experts is the key to protecting one’s choices, quality of care, and family assets.
Les Hughbanks is Moneta resident and a Long Term Care Specialist at GE Financial 540.297.7726.
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Last Updated ( 05 June 2007 )
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