Long-Term Care Planning

When you think about long-term care, what is the first thing that comes to mind? For many, it may be nursing homes or something associated with aging and increasing medical needs. In a broad sense this is appropriate, but much has changed in the last decade or two in regards to options and how to fund them.

Boomers (and the next generation of retirees) need to plan for elderly care in a different way than their parents as they're facing the unclear future of entitlement benefits and rapidly rising medical costs. And they're living longer. You can visit http://www.voyantlegal.com/ogden-medicaid-planning-attorney.html to hire ogden medicaid attorney.

When it comes to planning, many people have the "it won't happen to me" attitude, however, approximately 70 percent of people over age 65 will need some sort of long-term care assistance during retirement.

Evolving options

The difficult question that weighs on many people is how do you plan for these unforeseen expenses so they don't derail retirement? When planning for care costs, you have options such as earmarking savings for medical expenses or relying on entitlement benefits or family.

Long-term care insurance is another option for people to consider. Over the past several years, insurance products have evolved with care options and trends. Today, nearly half of benefits paid by private insurers are for in-home care or assisted living care.

Whereas before this insurance was primarily used to pay for skilled nursing care. Many current policies also pay the benefit to the insured or insured’s, unlike many policies in the past that paid a nursing facility directly.

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