Figuring the Cost of Long-Term Care

We all like to think that we are going to be healthy and strong forever, and that our retirement will look like the brochure: golf, travel, wine dinners with friends – sort of like a second chance at college life, without the all-night study sessions!

According to research reported in the 2014 Medicare & You, National Medicare Handbook, at least 70 percent of people over the age of 65 will require long-term care services at some point in their lifetime. Costs vary depending upon the level of service required, and whether you live in a facility or have a caregiver come to your home.

Even if you never require long-term care, our longer lifespans mean that we have to plan for financial futures that stretch farther than that of our parents and grandparents.

An independent study by Genworth Financial, which offers life and long-term care insurance, compared the costs of long-term care in each state, and reported the findings based on each level of care.

In Georgia in 2013, the median annual health care costs for an in-home care provider range from $38- 40,000, for individuals who have a skilled caregiver assist them in their own home. Individuals who prefer to live at home and attend an adult day care facility while their spouse or family caregiver is at work can expect to pay approximately $16,000 per year for that service.

Individuals who require supervision or skilled medical or therapy treatments that necessitate a permanent or semi-permanent residence facility, may need to live on-site, where they have round-the-clock specialists on-hand. In Georgia, the 2013 cost for private, 1-bedroom accommodations in an assisted living facility average $32,000 per year, while nursing home accommodations range from $63,000 (semi-private) to $68,000 (private) annually.

Your financial advisor can help you plan for your future, which should include anticipation of long-term care costs. Of course, it would be best if you never have to use it, but having a plan in place for unplanned medical issues is always better than scrambling to cover costs in the midst of an already stressful situation.

Windsong homeowners have already planned for the future and are living the “brochure” retirement, in luxury ranch homes with low-maintenance exteriors that allow ample time to eat right, exercise, visit with friends, and participate in activities that help minimize risks of illness or other disability that necessitate long-term care.

Whether you are just starting life as an Active Adult, or are able to report on the best years of your life with a decade or more of experience, we are glad that you have made Windsong part of your long-term plan.

Welcome home to Windsong – Where Life’s A Breeze!

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