The True Cost of Long-term Care and What You Can Do About It

By Staff Reporter - 12 Nov '19 12:30PM

(Photo : The True Cost of Long-term Care and What You Can Do About It)

Costs of living are only getting higher. People all over the country are struggling with basic healthcare costs, and we're just not getting the same pensions our parents got. Nobody wants to be a burden on their future family, and we know we could have 90-100 years left to live.

Asking around for long-term care options at this age may seem absurd, but trust us, it isn't at all. The earlier you start shopping, the less you will pay later.

Medicare No Longer Helps

Sure, the boomers got good long-term care and made it into retirement homes. Residential care facilities have the resources to ensure our seniors get the attention they deserve. Our generation, however, isn't going to get the same kind of care.

There simply isn't enough money to take care of all of us and have us all put in homes. If we all make it into homes, we won't receive the same care today's older generations are receiving. According to insurance companies, these are "custodial" expenses and simply aren't covered.

Everybody Should Have a Plan, You Too

Your 401k probably sounds awesome in theory. However, it is also true that your money is losing value and purchasing power. What you can do with $401,000 today isn't going to be doable in the future.

Having the savings to cover all your future projects is a good thing, but you need a special savings account for your long-term care home. You don't want to be stuck in unsuitable accommodation or your child's home watching TV all day when you can have the life and care that you deserve.

Plans Get More Expensive the Older You Get

They're not getting cheaper and not just because the world is getting more expensive. Think of it this way: The less chronic symptoms you have, the more affordable the plan will be. The younger you are, the less chronic symptoms you have.

If you start thinking about your long-term care plans and save up for them in your early thirties to mid-forties, you will thank yourself when you're in your sixties. It's just the smart thing to do right now: Save up while you're working, get on a plan while you're healthy, secure a place while you can afford it.

Otherwise, you'll end up burdening your loved ones and forcing them to watch you deteriorate and deal with the trauma when you're gone. You're much better off in the hands of some professionals who know exactly how to deal with people in your situation.