The unfortunate truth is medical costs tend to increase as we get older. Medicare coverage is an important part of your plan for health care. There are four parts of Medicare and they typically start at age 65. It’s important to emphasize that Medicare does not include long-term care coverage. AARP did a study in 2019 concluding that about 70% of people turning 65 can expect to use some form of long-term care during their lives. This could range from a few days of in-home care to years of long-term convalescence care. Since the average cost of a private room in a long-term care facility is about $100,000, it important to have a plan.
- Buy Long-Term Care Insurance
- Sell Your Residence
- Pay with Savings – Self Insurance
- Qualify for Medicaid by Spending Down Assets
Watch the full episode, Protecting Your Retirement Income
