“If a problem is fixable, if a situation is such that you can do something about it, then there is no need to worry.” – Dalai Lama XIV
So what can you do about it?
A survey of middle-income Baby Boomers found that those who create a detailed retirement care plan worry less about their future (49%), but 72% of middle-income Boomers have no plan for their retirement care.¹
Yikes, that’s something to worry about. Why?
Fact: The chances of being denied long-term care coverage for medical or cognitive reasons increase as you get older.
Planning ahead for long-term care isn’t something you want to put off until you need to use the care—you might not qualify for it by then.
Beliefs vs. realities of long-term care:
Middle-income Baby Boomers significantly underestimate the likelihood of eventually needing long-term care¹ –
- Belief: 36% will require long-term care services.
- Reality: Approximately 70% will actually need long-term care.
Those same Boomers also significantly underestimate the annual cost of nursing home care –
- Belief: A year’s stay averages $46,890.
- Reality: The average yearly cost is $90,520.
Most middle income Boomers (78%) also incorrectly think Medicare will pay for ongoing long-term care or simply do not know how they will fund their care. Even more (88%) do not own long-term care insurance as a means to help pay for their retirement care.
Where to begin?
Ask yourself these important questions:
- Do I want to receive long-term care in a facility or at home?
- What is the cost of that care?
- Can I afford the kind of care I want?
Need assistance making a decision? At Bankers Life, we can help answer your questions about what kind of retirement care plan meets your needs. Take the time now to plan for the future and stop worrying.