“Here’s the Latest on What Healthcare Will Cost in Retirement — and It Isn’t Pretty”

Here’s the Latest on What Healthcare Will Cost in Retirement — and It Isn’t Pretty,” Maurie Backman, The Motley Fool

Buy long-term care insurance
While reading up on Medicare and saving aggressively will put you in a better position to cover your healthcare costs in retirement, there’s one more piece of the puzzle:
long-term care insurance.”

“And if you think the above healthcare spending numbers are out of control, wait till you see what long-term care might run you. If you come to need an assisted living facility, you’ll spend roughly $43,500 per year. And if you wind up needing to be placed in a nursing home, you’ll spend over $82,000 annually to bunk with a roommate. Want privacy? That’ll set you back an extra $10,000 a year. So say you don’t have insurance and wind up needing full-time nursing home care for three years. Even if you go the cheaper route of sharing a room, you’re still looking at close to $250,000. Ouch. On the other hand, if you have an insurance policy in place, you’ll ease the burden on yourself and your loved ones. But don’t wait — the earlier you apply for long-term care insurance, the greater your chances of not just getting approved, but also snagging a health-based discount.”

LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform):

Here’s some favorable treatment of LTCI.

Here’s the Latest on What Healthcare Will Cost in Retirement — and It Isn’t Pretty

#Long-term
#healthcare
#goldencareagent