Plan Now for Your Aging-in-Place Needs

It often seems that just when the kids are done with college and off on their own, parents often are confronted with being the primary caregivers for elderly relatives in failing health. Why are so many people being sandwiched between the needs of their own families and the needs of parents or other relatives? People fail to plan to meet their physical needs as they age, and then they discover the cost of assisted living, extended care facilities and nursing homes can be astronomical. According to Genworth, the median annual cost of in-home care and assisted living facilities in 2019 was about $50,000. For nursing homes, it was between $90,000 and $100,000 per year. If funds are not available to pay for such services, and if a long-term care insurance policy is not in place, aging people must rely on relatives to provide the assistance they need to live.
Depending upon your family history and current health, the right time to invest in long-term care insurance is typically between ages 50 and 65. You can be declined coverage, and like most insurance products, premiums are higher when you are older. That argues for enrolling in LTC at a younger age.
Talk to a financial planner and an MDA Insurance agent to understand more about LTC insurance and the best time to buy it. Investing in LTC insurance will help you protect your savings and investments by paying for care that Medicare and other insurance will not provide. Call MDA Insurance at 800-860-2272 to speak with Rick Seely about LTC insurance.