Every day, I see clients for whom long-term care is the elephant in the room. They feel they can't afford it. But they also feel they can't afford not to have it. So their solution is to pretend they don't see the elephant.
The older you are, the more expensive a long-term care policy gets. And if you get sick before you have long-term care protection in place...it's too late. That elephant will crush what's left of your bank account - and your estate.
And, in some areas, the costs for these policies are rising faster than inflation.
Therein lies the conundrum for Boomers and seniors. We're living longer than our parents did. But that means we'll need more money to make it through our "old age" than they did.
Finding long-term care is a tough process. You've got to find a place that cares for people with your (or your loved one's) circumstances. With the right facilities and staff. A place that leaves you with a good feeling. And you have to be able to afford it!
You've got to be strategic. And if you can identify the specific services you (or your loved one) will need, and are willing to haggle on the price, you can at least get more for your money.
Remember that "long-term care" is a broad category, with options ranging from live-in facilities to your own home. In Part 2 of this series, we'll talk about some of them.
Meanwhile, if you've got questions, we've got answers.
At The Law Offices of Alice Reiter Feld & Associates, we practice Elder Law. We've been answering questions like these for South Florida families for 34 years now. And we've been helping them secure their futures, as well, with comprehensive estate planning, wills, trusts, powers of attorney, asset-protection planning, and assistance with Medicaid or the VA.
We can help you navigate the long-term care conundrum. And we're just a phone call away.
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