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Will Your Retirement Savings Survive Longevity and Long-Term Care?

By age 40, you should set aside resources for future retirement. Planning for a successful future retirement does take some work. It’s best to use your employer’s 401(k) option. If your employer doesn’t offer a 401(k), 403(b) or defined retirement plan, you should try to save money in an IRA. If you are self-employed, you should open a SEP account. However, planning doesn’t end with saving money.

What happens when your health changes due to a long-term illness, accident or simply the effects of aging? These health risks increase substantially with age. Will Your Retirement Plan Live Long?

Long-term care retirement planning has become a top priority for many Gen Xers and Baby Boomers. Many people between the ages of 40 and 70 have personally dealt with the effects of long-term health care with a parent or other loved one.

The problem is that too many people forget to protect those retirement funds from the high costs of long-term care. The financial costs and burdens of aging will affect you, your family, your savings and your lifestyle.

Your health, body, and mind will change, increasing your need for long-term health care. Caregiving can be challenging for your family. Making your child a caregiver is not a good plan. They have or will own their careers, families and responsibilities. It’s not that they don’t love you, it’s that having a son or daughter or in-laws to care for you can be stressful. It can also affect their health and career.

A spouse is also not a good choice for caretaker. As they get older, so do they. They will also have their own health and age issues to deal with.

Paid for care can deplete your assets and adversely affect your income and lifestyle. According to the LTC NEWS Cost of Care Calculator (www.ltcnews.com), the cost of long-term care services and supports continues to increase. Even an important reserve fund can be adversely affected.

Based on a 44-hour week, the current national average home care costs are approximately $4,500 per month. Fees for a basic assisted living facility start at $4,300 per month, plus surcharges based on your needs. Skilled nursing care in a nursing home averages $8,900 per month – over $100,000 per year. The cost of long-term care services increases over time.

Many people mistakenly believe that Medicare will pay for any future long-term care needs. Health insurance, Medicare, and supplements only pay for a limited number of specialized services—and only if you get better. These insurance options do not cover the cost of guardianship services, which assist with activities of daily living. However, most people need guardianship services as they grow older.

While most long-term care occurs as we age, people of all ages need long-term care. Early-onset dementias, including the most famous dementia Alzheimer’s, can even occur in your 30s. Parkinson’s disease, multiple sclerosis and even strokes all occur at a younger age.

Your good health today gives you the opportunity to plan ahead.

Medicaid, the health benefit program, pays for long-term care, but you have to be poor or you end up being very poor. For most people, this is something you want to avoid.

In fact, the financial costs and burdens of aging can affect your savings and your family. Affordable long-term care insurance can protect your assets and reduce the burden on your family.

While some people think long-term care insurance is expensive, it’s actually affordable for most people, especially if you’re planning ahead of retirement. Premiums can vary by more than 100% between insurance companies.

If you’re in good health, these policies can easily fit most people’s budgets. The problem is that too many people seek out financial advisors or general insurance agents who know little about it. They often overpropose or sometimes underpropose. Additionally, many of these professionals only work with one or two insurance companies. Since they don’t have a good understanding of how the policy will be used when making a claim, their recommendations will not align with what you may actually need.

Additionally, 45 states offer long-term care partnership policies that provide additional dollar-for-dollar asset protection.

Most states offer more than one type of policy. These include traditional plans, partnership plans that offer additional asset protection, single premium “hybrid” plans that also offer a death benefit, and short-term plans that offer a wider range of age and health eligibility.

The key is to work with a long-term care insurance specialist who works with major insurance companies. I always ask a lot of detailed questions to design the right plan based on the client’s specific problems and budget.

The cost of long-term care services varies by location. Most claims begin with home care, and many avoid nursing homes altogether because they receive proper care at home or in an assisted living facility. These costs are much lower than skilled services in nursing homes.

Long-Term Care Insurance will pay benefits in homes, adult day care centers, assisted living facilities, memory care and traditional skilled nursing homes. With most policies, you and your family decide how your benefits are used.

Does long-term care insurance work? Absolutely. In 2020, major insurance companies paid out more than $11.6 billion in benefits to American households. Otherwise, these families will have to drain their assets to pay for care, have family members become caregivers, or both.

Since policies are custom designed, you decide what’s important to you. The key is to plan well in advance of retirement. Long-term care insurance isn’t sexy. It doesn’t sparkle like a new car or new jewelry. You probably won’t be showing off your policy at a party. However, it will give you and your family peace of mind.

Working with a long-term care specialist will give you the accurate information you need. Start researching in your 40s and 50s when you have the most affordable options.

In fact, long-term care insurance is simple and affordable with stable rates, income and asset protection.

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