In today’s post we’ll talk about one of the top reasons why long term care costs are important to consider when it comes to your long term care planning needs. Simply put, it’s important to know that according to longtermare.gov, 70% of people aged 65 and older will experience a long term care event sometime in their lives. So, for most of us, it’s not a question of if, but a question of when. To me that’s a pretty big reason to consider long term care planning as part of your overall financial planning. Check out our comprehensive list (and feel free to share it with your family, friends, readers) of the Top 10 reasons for long term care planning.
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So, you might be wondering, what exactly is a long term care event? Well, it’s not being able to perform a basic daily living activity or activity of daily living (as it’s otherwise known). The typical list of activities include being able to do the following on your own without any assistance; things like eating, bathing, dressing, using the bathroom, moving around your home or from one place to another, and other personal hygiene tasks. I get it – it’s not a pleasant topic to think about – but we’re all getting older and reality is we’ll all need some help with these things at some point in our lives. So, it’s important to make a long term care plan and included in that is planning for the costs of care. They’re rising (like everything else), and so we built a long term care cost calculator to help you start to get a handle on your planning needs when it comes to how much cost of care will cost you. In fact, depending on where you live and the type of care services you’ll need, your yearly costs could be well over $100,000 a year. So, check it our long term care cost calculator, and get in touch with us and let us know if there’s anything we can do to help your long term care planning journey.