Many Americans in the workforce are leaving their secure and sometimes lucrative jobs to take on the task of full time long-term care of an elderly parent, and it’s costing these individuals an average of $300k in lost wages and social security contributions over their lifetimes. This new crisis is everyone’s problem.
News headlines have chronicled the collapse of traditional long-term care insurance plans. These traditional plans have failed to keep pace with long-term care expenses. Worse, if you never needed long-term care, you lost your entire investment. What’s next in long-term care insurance?
In 2017, traditional long-term insurance policies increased premiums an average of 83%, shocking many policy-holders. Today, there are options beyond traditional policies that got both providers and clients in trouble. It’s important to know the facts, so you can decide how to pay for long-term care if you need it.
The loss of immediate income, reduction of lifetime earnings, and lack of career advancement from being a family caregiver cripple care providers’ own futures. And the physical, social, and emotional stresses of providing long-term care can be devastating. Cash benefits that provide payments for family caregivers can help.
According to Retirement Watch, fewer than 30% of adults have talked about long-term care. And although half of Americans over 40 believe everyone will need some sort of long-term care in their lifetimes, 75% think they won’t personally need it. Are you leaving your future to chance?
Underestimating the cost of living longer lives after retirement is one of the biggest shocks aging adults face. There are lots of choices these days, including aging in place, granny pods, and a new approach to nursing care for those who need the highest level of long-term care. Are you ready?
Rather than living a few years beyond retirement age, we’re living 20 years longer on average. With the right planning, that brings unheard of opportunities to spend those years with a sense of freedom and purpose, and to maximize our choices.