Planning for the long term.
Position | Health Care |
Thanks to Baby Boomers and modern medical marvels, more Americans than ever are heading into their senior years, and they are expected to live longer as well. Barely 50 years ago, our average life expectancy was 62.5 years; today, that number has risen to 78.2 years, according to the U.S. Census Bureau, meaning millions of individuals soon will be deciding how to handle their elder care.
Steve Casto, president of Strategic Wealth Solutions, Inc., Omaha, Neb., and author of Is Your Retirement Headed in the Right Direction?, says there are important questions--and answers--to consider before making that critical decision. "The key thing to balance is the difference between what you think you'll need and what you can afford between your liquid assets and insurance coverage. If you don't start by asking yourself the right questions, you'll never get to the answers that will lead to a successful long-term care plan."
Casto provides some important questions--and answers:
Should I opt for nursing home or in-home care insurance? When selecting insurance plans, protect against your worst risk first. In-home care is more about maintenance, while care outside the home is focused on crises. Home care is good for when a person requires help getting around. If an individual has a stroke, he or she would have to be cared for outside the home initially, so there is a need for both.
What should I select as my daily allowance? If your health deteriorates, a daily allowance of $100 per day could cover all of your care outside the home, but only one-third of the care inside. Your home-care costs could skyrocket to $400 or more per day, so...
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