When a spouse enters a nursing home, the cost of care can be financially devastating. Many families are simply unable to afford long-term care without applying for Medicaid.
There are currently 73 million baby boomers in the U.S., and by the end of the coming decade, all of them will have turned 65, according to the U.S. Census Bureau.
A comfortable, secure retirement is one of the biggest financial goals you can strive for. Therefore, as you’re saving and investing in pursuit of it, it’s crucial to separate fact from fiction—otherwise, your plan could go off track.
Amid headlines of COVID-19 infiltrating nursing homes and large senior care facilities, it’s understandable that many Americans would prefer to avoid assisted living environments as they grow older. However, the trend to age in place predates the pandemic. Remaining at home was the first choice for 76% of Americans age 50 and older, according to a 2018 AARP survey.
If you are caregiving from a distance (you live here and your parent or other loved one is in another state, a distant city or as close as an hour away), it can be even more daunting than doing it in your home.
Nursing homes are expensive with an average cost in the United States of $7,698 per month (2020 average). Most people cannot afford this expense, but they are in desperate need of the services provided by nursing homes (long-term care facilities).
Did you know that 70% of adults over the age of 65 are predicted to need some type of long-term care for an average length of three years? While thinking about your future, you’ve likely already planned financially, but have you considered your long-term care options?
States can differ dramatically when it comes to long term care regarding availability, quality, government benefits, retirement communities and cost.
Long-term care providers could soon have access to a newly developed tool that can accurately predict the life expectancy of dementia patients.
No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.
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