As the oldest Baby Boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving savings because of health.
Long-Term Care Strategies
As the oldest baby boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving savings because of health.
In-Home Care Services average $20 per hour, and Assisted Living Facility costs average $3,628 per month.1 The 2020 CA Statewide Average Private Pay Rate for Nursing Facility Services is: $10,298 per month.2 Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering your employer group health insurance, major medical insurance or your Medicare and supplemental insurance will not cover long-term care, you may want to consider planning for these potential expenses.
We can help evaluate your situation and determine if your income plan can manage paying for In-Home Care or Assisted Living without having to stay long-term in a Nursing Facility? A long-term care strategy review with Soutas Financial may help take the worries out of looking ahead.
If a loved one needs assistance now at home or is in a care facility, we may be able to help. There are programs they may qualify for that can help pay for this care without having to ‘Spend Down’ or use up all of their life’s savings.
*** Memorize this: If a loved one is admitted to a hospital, contact us immediately. There is no cost for us to coach you on the options and rights for your loved one.
1 Genworth Financial. April 2016. “Genworth 2016 Cost of Care Survey.” https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/131168_050516.pdf. Accessed Aug. 31, 2016.
2 State of CA “Dept. of Health Care Services ACWDL 20-11” https://www.dhcs.ca.gov/services/medi-cal/eligibility/Documents/ACWDL/2020/20-11.pdf
Strategies for Financial Independence
To schedule a time to discuss your financial future and the possible role of insurance or investments in your financial strategy, contact us at 559-230-1648 today!
Have Questions for Soutas Financial?
It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.
At Soutas Financial & Insurance Solutions, Inc., we offer you the following services:
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Will A Recession Rob Your Retirement? A complimentary 20-minute Strategy Visit with Soutas Financial can help ensure you and your family are supported — even if the economy takes another dip.