Long-Term Care
Long-term care insurance needs vs wants.
I hear from people all the time these days "I wish I bought Long-term care insurance when I was younger. Since everyone is living longer that doesn't mean that their bodies don't break down. You will get to a point in life where you will need to move into an Assisted Living Community. The question at that point is which one?
Will you be able to stay at a resort community and live the good life, the kind of living the majority of people would like. Or will you be forced to live in a smaller state run facility where you share a room with someone worse off then you.
It all depends on the planning you do early in life. When you get to that point and you have to look back on all the planning you did. Most people say they wish they thought more about the NON-working years then the working year.
Everyone has a plan in place already, it's all your assets! An assisted living commuinty will burn through your assets in no time averaging $80,000 a year to stay in. But that's not all. You will get to a point where you need full time care and the cost goes up even more.
Or you can say my family will take care of me. Do any of them live close by, do you want them to get you out of bed every day take you to the bath room, bathe you brush your teeth, feed you, and watch over you all day long. Can your family afford to quick work and take care of you? Is that the kind of life you wanted for your kids?
It was one thing as a parent taking care of a baby since they are so small and lite, but taking care of a full grown adult is a whole other story.
Think wisely and start making plans for tomorrow today!
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