subject: Concerns Over Nursing Care Costs [print this page] Do you have any idea how much long term nursing care costs? Some retirement planners are very worried about this potential expense. Others may not be worried because they have no idea how expensive long term care can be.
Of course, the cost of nursing care will vary by the type of car that is needed. A resident an a full time nursing care facility may need to pay several thousand dollars a month. Assisted living or home health care may cost less, but could still cost a few thousand dollars a month.Most middle class people would have trouble paying for this care very long.
Here's the deal. None of can predict what kind of nursing care we will require several years in the future! Of course, we cannot even be sure if we will need nursing care in the future. If we do need care, we cannot really predict how much it will cost in future decades. These uncertainties make it tough to make good financial plans for retiremnet.
It is probably a bad idea to ignore the problem though. Experts predict that half of aging baby boomers will need some type of nursing care in the future. This problem will not just vanish if you do not pay any attention to it. Typical health plans do not pay for regular, long term care. Medicare health plans only pay for periodic or short term care. Medicaid does pay for nursing home bills, but there are lots of things a person must do to qualify for this national program. To qualify for Medicaid benefits, you may need to spend your money first.
Have you thought about how nursing care gets paid for? If you have not thought about long term care costs, it is time to start considering this issue. Of course, you might purchase a long term care insurance policy. These plans do not cover long term, regular care. You may find that you can qualify for some national and state government incentives to purchase nursing home insurance too. Some people can qualify for tax deductions and other incentive programs that make the purchase of a policy much more attractive than it used to be.
There are also alternative ways to plan for these costs. Other types of insurance products, for example, may inlcude riders or provisions to help pay these bills. These may inlcude life insurance policies and annuities. This way, you can get another insurance product to perform more than one function during your retirement years. If you never need to use this type of care, you can still keep your money.
You may also consider some alternative ways to plan for this cost. I think it is a mistake to ignore this problem. It is a very good idea to review your long term care expense concerns. If you research alternatives, you could come up with some good ideas. On the other hand, you may be better off if you speak with a financial professional.
