Planning for long-term care expenses seems to involve a lot of wishful thinking for many. As noted in another Cantissimo Senior Living blog post, a survey found that about half of respondents said they had done little or no planning for these needs.
One example of wishful thinking is that government programs like Medicare or Medicaid will pay long-term care expenses.
Cantissimo Senior Living Blog
Cantissimo Senior Living blog - an educational resource for older adults in lifestyle, wellness, and more.
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Among the many ways of paying for long-term care, life insurance and annuities have been growing in popularity.
In its original form, life insurance was intended only to pay beneficiaries upon the death of the insured. Since its inception, however, life insurance has evolved to include many additional options. Some of these options can help pay for long-term care.
With the cost of housing rising every year, more and more seniors are looking to find roommates in retirement. For many retirees, this may be the first time living with a roommate in decades. In addition to housing costs, there are many advantages to living with a roommate, as well as a few less favorable things to consider. Continue reading to learn more about whether getting a roommate might be right for you!
When it comes to preparing for retirement, most consumers have only a vague idea about planning for potential long-term care expenses. Yet, well over half of Americans 65 or older will eventually require some form of long-term care.
There are multiple ways to pay for long-term care. However, the potentially enormous costs could quickly exhaust one's assets. An attractive alternative for managing this considerable risk could be long-term care insurance (LTCI).
Cleaning has so many more benefits than just having a tidy home. We might be put off by house cleaning tasks, especially around spring cleaning time, which will involve some serious decluttering, reorganization, scrubbing, and polishing. However, delaying this activity and letting the dust settle can have significant impacts on things beyond your home's appearance.
A clean home is wonderful, and it is always welcoming to come to a clean house. It takes a lot of effort to maintain and keep your house clean, but it has its advantages. If you clean regularly and effectively, your house will always look as good as new. Hygienically, it is important to live in a clean house.
House cleaning is a very challenging task that we all have to do at some point. The main motive for getting the place clean and organized is to make it an inviting and peaceful place to stay in and relax at the same time.
The majority (76%) of those over 50 say they would prefer to continue living in their own home as long as they can. However, this is not always possible, and other senior living options like assisted living may need to be considered. Yet, such long-term care options can be costly. For instance, one year of assisted living can cost over $50,000. If memory care or skilled nursing is required, the annual cost can be twice as much.
Unless one has long-term care insurance or can qualify for Medicaid, most people will need to tap all their assets, to pay for long-term care. This may include the equity in one's home.
There are four ways to leverage home equity to finance long term care:
Most of us have heard of a Health Savings Account (HSA), but many don't understand the important details about these accounts.
HSAs were intended to provide a way for Americans to save money for out-of-pocket healthcare expenses before meeting the deductible of a high deductible health plan (HDHP). In fact, an individual or family must have an HDHP to open an HSA.
HSAs were primarily intended to soften the financial burden of healthcare expenses for HDHP account holders of all age groups. However, an HSA can be particularly advantageous in paying for long-term care expenses at age 65 or over.
The U.S. Department of Health and Human Services estimated in 2020 that 50-70% of those now turning 65 will eventually need some level of long-term care.
Yet, few people include a long-term care component in their retirement planning. It seems like more people plan for their children's college education than for the very costly and highly probable reality of long-term care. Assumptions that typically drive this lack of planning are:
Many people think of clutter as trash lying around the home. However, clutter is not just trash that needs to be thrown out. Clutter can be articles of clothing, toys, paper, and anything lying around in inappropriate places. If you look around your home, you will probably find plenty of clutter that needs to find a home. By learning a few simple decluttering tips, you can win the fight against your growing clutter.
Planning for in-home care is often the last thing many people want to think about. However, having a basic plan in place can help alleviate unpleasant surprises down the road. One way to prepare for a loved one's care is by making yourself aware of the signs and symptoms of challenges that come with aging. Everyday activities that were once routine may be neglected due to poor memory or simply because it's too difficult.