Growing older is a privilege that most people hope to have, but few actually plan for. The reality is that most adults who live past retirement will need specialized services at some point in time, and those services can be extremely expensive. Rather than ignoring this side of things and hoping to figure it out later on, adults living in Florida can use long-term care planning to make sure their future needs are taken care of.
Information from the U.S. Department of Health and Human Services shows that the vast majority of people over the age of 65 will eventually require help accomplishing daily living tasks. For some people this could mean they need help getting dressed or bathing soon after retirement, while others might not need any services to years or even decades later.
At least a third of retirees will end up spending time in a residential or nursing home facility, but few can actually afford the annual cost of around $100,000 for a private room. Receiving specialized care in-home usually seems like a more affordable option, but a home health aide usually costs about $50,000 a year. That cost is in addition to the other daily costs of living. When a person is focused on finding ways to pay for their late-in-life health care, they might not have enough left over for daily necessities, like food.
Private health insurance and Medicare will not necessarily address these issues. Retirement savings are not always enough, either. Long-term care planning can help Florida residents plan for an uncertain future while also preserving their daily financial standard of living. Taking steps like purchasing long-term care insurance can not only help ensure a higher quality of life later on, but any leftover funds can also be passed on to heirs.