It is critically important for anybody who is retired or nearing retirement age to have a plan in place to protect assets against Long Term Care costs. In this Elder Law Minute, Wes Coulson explains why this could be the biggest threat to your financial future.
Long Term Care Costs: The Biggest Threat to your Financial Future
Hello, this is Wes Coulson with your Elder Law and Estate Planning Minute.
Let me tell you why I think it’s so critically important for anybody who is retired or nearing retirement age to have a plan in place to protect their assets against Long Term Care costs. First let’s talk about the risk. if you are lucky enough to make it to age 65 there’s about a 40-45% chance you’ll eventually wind up in a long term care Facility. By 85, that goes up to 70%. So look at it in these terms if there was that much of a chance of your house burning down, would you go without homeowners insurance. Now let’s talk about the extent of the risk. Five year nursing home stay starting 15 years from now, projected cost on the low end is $750,000.00. On the high end, over one million. You may have saved well for retirement, but ask yourself, could your retirement savings survive that kind of hit? This is the biggest threat to your financial future, and you really need to deal with it. Thanks.
For more about long term care, visit these articles:
- Asset-Based Long Term Care Insurance
- Long Term Care Insurance: What is the best age to buy it?
- 4 Myths about Medicare and Long Term Care Coverage
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.