As people in Seneca, SC, live longer, planning for long-term care becomes more of critical consideration. According to the Administration on Aging, which is a part of the U.S. Department of Health & Human Services, 69% of people use some type of long-term care services.
This includes 65% of people using at-home health care services for two years on average, with 35 percent using nursing facilities for at least one year during their lifetime. However, 20% of people over the age of 65 will require long-term care support for more than five years, which can be a significant drain on retirement savings.
The cost of long-term care is constantly increasing. In 2021, the average cost for an assisted living facility is about $4000 per month. Nursing homes, on average cost approximately $8,800 per month, with professional home health care averaging about $4,500. Medicare will pay short-term care costs, but it does not cover long-term care.
Protecting Your Retirement Fund
Working on your behalf, Registered Financial Consultant Matthew Dixon in Seneca can help develop a plan for your retirement that considers the reality of medical expenses as you age.
To provide coverage, Matthew Dixon works with individuals and couples to consider insurance options. Long-term care insurance is available at a lower cost when you are young, but it becomes more costly as you age. Developing a retirement plan that builds in this protection is the ideal solution.
Other options Seneca, SC, individuals may choose after consulting with Matthew Dixon include increasing retirement amounts, boosting 401(k) or IRA investments, or developing forms of passive income during retirement.
