The Cost of Living Longer Part 2

In my opinion, the greatest threat to the financial security of middle-income Boomers and seniors is the cost of long-term care. And "Obamacare" - whether you're for it or against it - will not assist with this.

Assisted-living facilities are now climbing toward the $4,000-a-month mark. And many have started bundling more services together, rather than charging for each individually. The result? Many people end up paying for services they don't need.

A private room at a nursing home will soon hit an average of $300 a day. And the cost of home healthcare is rising, too.

Some people choose - at least temporarily - independent-living apartments. These facilities typically don't require lump-sum payments, and residents can contract with home health-services independently.

Medicaid may - or may not - be there for those who qualify. But if you ever want to learn the true meaning of "jumping through hoops" - just try qualifying!

The best thing, of course, is long-term care insurance. But that's getting more expensive, too, as companies raise their rates while cutting their coverage. In addition, this insurance is getting more complicated, now encompassing aspects such as protection of the surviving spouse, caregiver issues, scams/ID theft - and making sure you have an advocate to fight for your rights in a system that's slanted against you.

In short, we're living longer. And, unlike previous generations, we're generally not living with - or even near - our children. So we're going to need more money for this longer life...and for the possibility of illness, which is, of course, greater as you age.

If you're considering long-term care, you're going to have questions...a lot of them. We can help - because we have the answers.

At The Law Offices of Alice Reiter Feld & Associates, we've been answering these questions for South Florida families for 34 years. And we've answered their questions, too, about comprehensive estate planning, wills, trusts, powers of attorney, asset-protection plans, and assistance with Medicaid and the VA.

We can answer your family's questions, too. And we're just a phone call away.