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Assisted Living Costs Can Eat Through Your Nest Egg

The scenario goes like this: You’ve worked and saved your entire life so that you can enjoy your golden years. Then, fifteen years after happily retiring, your retirement fund is depleted and you find yourself in need of assisted living services. Something you didn’t save or prepare. Nationally, the average cost of a senior care facility is $3,500 per month. A ten-year stay will cost you over $400,000! The nest eggs you have worked so hard to save all your life are broken and scrambled all at once.

It gets worse. If you’re married and you or your spouse need a care facility, chances are the other doesn’t have any source of support. Horrible scenes are often staged. You certainly want to be able to enjoy your retirement, but if circumstances call for extended care, then you at least want your investments to allow you to live longer and take care of your family.

what should you do then

The best way to protect you, your significant other and your assets from unbelievably high costs is to have the right insurance plan in place. Starting at age 60, you should consider purchasing assisted living insurance. Before the age of 60, the chance of needing living assistance is very low, but after 60, the chance increases each year. Every year, the price of insurance also increases. So plan ahead and add long-term care to your insurance plan. Then, whatever costs your health insurance or government assistance doesn’t cover, your long-term care does, and your retirement investments don’t take a hit.

Shop around for the best insurance rates. Compare prices and insurance plans. Think of it like buying car insurance. Which company offers the best coverage at the lowest price? You want to give them serious thought. Even though you’re unlikely to enter an assisted living facility by age 60, by purchasing coverage early, you can lock in lower premiums.

It’s important to remember that your golden years should be about quality of life. Prepare for the worst so you can enjoy any situation without worry. It is a wise decision to be financially prepared to pay for these expenses rather than letting these burdens fall on loved ones. Love your family and yourself by planning for the possibility of needing assisted living.

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