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Real Conversations About a Real Retirement Need Medicare Doesn't Always Cover
Many people assume Medicare will take care of long term care costs, but it usually doesn't.
Most ongoing care, whether at home or in a facility, isn't covered the way people expect.
On top of that, the cost of care continues to rise, and where you live can make a big difference.
That's why it helps to talk with someone who can walk you through your options so you can make decisions with confidence, not guesswork.
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Long term care is a retirement need many people do not plan for.
The need for ongoing care can affect your retirement income, savings, family and the lifestyle you worked years to build.
Medicare Has Limits
Many people assume Medicare will pay for long term care. Medicare may cover certain skilled care under specific circumstances, but ongoing custodial care is generally a different issue.
The Cost Can Add Up Quickly
Care at home, assisted living and nursing care can create significant ongoing expenses. The amount can also vary considerably depending on where you live.
Your Family May Become Part of the Plan
When there is no plan in place, spouses and adult children may suddenly become caregivers, coordinators and financial decision makers.
Nobody plans to need long term care.
But that does not mean you should avoid planning for the possibility.
If you needed help someday, where would you want to receive it? Would you want to remain in your home? Who would help you? How would the care be paid for?
Those decisions are easier to make when you still have time, choices and control.
Long term care can change your entire retirement picture.
Retirement planning often focuses on Social Security, pensions, retirement accounts, income and Medicare.
But needing ongoing help with everyday activities can create an entirely different financial need.
Paying for care may mean using income and assets that were intended to support you and your spouse throughout retirement.
It can also affect the home you hoped to remain in, the assets you hoped to preserve and the money you hoped to leave behind.
Long term care does not automatically mean a nursing home.
Care can happen in several different settings depending on your needs, preferences and circumstances.
Care At Home
Many people want to remain in their own home. That may require paid help with personal care, meals, mobility and everyday activities.
Assisted Living
Assisted living can provide housing and additional support while allowing someone to maintain a degree of independence.
Nursing Care
Some situations require a higher level of ongoing care. That possibility should be considered as part of the larger retirement conversation.
The time to talk about long term care is before someone needs it.
Waiting until care is needed can mean making financial and healthcare decisions during an already stressful time.
At that point, the conversation may no longer be about what you would prefer. It may be about what can be arranged quickly and what can be afforded.
Planning earlier gives you time to understand your choices.
Questions worth answering before care is needed.
You do not need all the answers today. You just need to start thinking about the questions.
Where would I want to receive care?
At home, assisted living and nursing care can all involve very different needs and costs.
How would I pay for care?
Some people may use personal assets. Others may explore insurance or other planning strategies. Your situation determines what may make sense.
What role would my family play?
Consider whether a spouse or adult child would be expected to provide care, coordinate care or help financially.
What am I trying to protect?
Your income, your spouse, your home, retirement assets and the legacy you hope to leave can all be part of the decision.
Start with a conversation, not a product.
You do not need to decide how you want to handle long term care before you talk with someone.
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Tell us about your retirement plans, family, goals and the areas you want to understand better.
Have A Real Conversation
We learn more about your situation and whether long term care planning needs to be part of your retirement conversation.
Get Connected
When appropriate, we work to connect you with someone whose experience aligns with your long term care planning needs.
Long Term Care Questions People Often Ask
Doesn't Medicare pay for long term care?
Medicare may cover certain skilled care under specific circumstances, but it generally does not pay indefinitely for ongoing custodial care simply because someone needs help with everyday activities.
Does long term care always mean a nursing home?
No. Long term care can be provided at home, in assisted living or in a nursing facility depending on the person's needs.
Can't I just use my retirement savings?
Some people may choose to use personal assets. The important question is what paying for care could mean for your retirement income, your spouse and the other goals those assets were intended to support.
Is long term care planning just about buying insurance?
No. Insurance may be one option for some people. Planning starts with understanding your preferences, financial resources, family situation and how you would want care handled.
When should I start thinking about long term care?
Before care is needed. Starting the conversation earlier gives you more time to understand your options and decide what fits your situation.
You may never need long term care. But your retirement plan should consider what happens if you do.
Start the conversation now so you and your family have a clearer idea of what you would want and how you may handle it.
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