VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Don't let long-term care costs leave your retirement in ruins

Cutting-edge medical technology is helping people live longer. Baby boomers who are entering their retirement years may very well be starting a new chapter of their lives. That new phase may last years, if not decades. 

However, with that longer life comes increased medical expenses. According to the U.S. Department of Health and Human Services, Baby Boomers who are 65 today have a 70% chance of needing some form of long-term care during their lives.

While those in their sixties enjoy independence, continuing that way of life may not be a reality in their eighties. Retirement plans, pensions, 401ks and other types of "nest eggs" could be depleted quickly. Those treasured "golden years" could quickly lose their luster as more money goes out for increasing healthcare needs.

Long-term care is expensive whether it involves at-home, adult daycare centers, nursing homes or assisted living facilities. Genworth's annual Cost of Care Survey for 2016 revealed that the median rate cost of a private room at a nursing home was $7,698 per month. Paying an in-home aide is about half that cost, but still significant at $3,861.

Those costs will increase year after year. Turning to Medicare will only help pay for a short stay in a skilled nursing facility, hospice care or home health care under certain conditions. Medicaid's "coverage" has restrictions, not to mention potentially spending all assets to even qualify.

Remaining medical expenses are covered by the individual or paid for out of their estates, leaving little remaining for family members.

As with any aspect of estate planning, Baby Boomers and subsequent generations must plan ahead with long-term care insurance, living benefits and annuities.

While delays in taking action is not recommended, it is not too late for Baby Boomers to protect as many assets as they can and secure the long-term care they need while minimizing the impact on their estate.

If you would like to talk to an experienced estate planning attorney regarding estate planning, contact VanAntwerp Attorneys, LLP in Ashland, Kentucky.

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