By Rosemarie Hurley, Long-Term Care Insurance Specialist –
This generation of people, the Baby-Boomers, are taking a hard look at aging and lifestyle. We will, for the most part, live longer than our parents and in addition most things just cost more.
Some of the Baby-Boomer generation have a “live for today” attitude, but others are planners and savers. The responsible ones have to be concerned that since they will live longer, they will probably need to consider the additional, and sometimes very expensive, cost of “aging in place”.
Aging in place can refer to staying in your home and hiring help to assist as we become more dependent. It can also refer to choosing an assisted living facility. These alternatives are beautiful places but very expensive. Still others can move into their children’s houses. Most of the people I talk with, while they love their children, they do not find that option an attractive one. It is great to “visit” someone you love, but actually living there day to day as we become older, can be unattractive. Most seniors want to maintain their own lives, with their own friends.
This generation, MY generation, has taken better care healthwise—most have stopped smoking, exercise regularly, and are looking forward to an active, enjoyable, retirement.
This all takes planning. The cost to live and travel, pay to rent an attractive Assisted Living apartment, or even a “buy-in” facility takes money. You don’t want to finance the whole expense with out-of-pocket savings.
Planning ahead, looking into Long-Term Care Insurance is absolutely the most affordable way to alleviate the housing/care issue. But of course, you must be able to qualify for the insurance coverage. The premiums for most people, are affordable when correctly purchased. It truly is the LAST part of retirement planning. If your Financial Advisor has not referred you to a Long-Term Care Specialist, I suggest you take action yourself.
Try to act on this now, before a health issue precludes qualifying. There are many options available. Some policies even refund the premiums if you do not need the benefits. You owe it to yourselves and your family to at least investigate this plausible option. Then the rest of your retirement years can be enjoyed without the concern of outliving your nest egg.
I have been preaching about this for almost 20 years. It is a very sensible planning tool.
Give me a call.
Rosemarie Hurley, President of Senior Insurance Solutions, has worked in the senior healthcare market for 20 years. She is a Certified Senior Advisor and has been a Long-Term Care Insurance Specialist for 18 years. She represents only the finest insurance companies in the industry. Can be reached at (239) 274-6678 in Estero, or at her website: www.longtermcareinsurance-online.com