Many Massachusetts residents contemplate a retirement in which they can travel, indulge a hobby, or enjoy being home and spending time with family. Unfortunately, many fail to consider that a debilitating condition could change those plans forever. Therefore, they also fail to consider long-term health care planning, which could be costly later in life.
Research suggests that approximately one in five people plans for the possibility of long-term care. When this statistic is stacked up against the probability that nearly 70 percent of the aging population, meaning those over the age of 65, will need some sort of long-term care, the problem becomes clear. The average cost of a private room in a nursing home in the United States is around $97,611 per year. Since this is an average, the cost can be significantly higher in some locations.
This means that money originally set aside for retirement may need to be diverted to nursing home care. Without proper planning, family members may also have to shoulder at least some of the financial burden. Therefore, it is not only the retiree’s finances that are in jeopardy, but the finances of other family members as well.
Long-term health care planning needs to be done in tandem with retirement and estate planning. This could ensure that the funds will be available when needed, which could provide some peace of mind for not only the Massachusetts resident, but also for the rest of his or her family. Facing the possibility of needing long-term care may not be pleasant, but it is an integral part of planning for the future.
Source: billingsnews.com, “Consider long-term care”, Dec. 10, 2015