Long Term Care - Specific Needs and the Cost of Solutions
A recent study on the number of American's requiring long term care (as reported in Morningstar in July 2024) after 65 states:
Long Term Care. For starters, some definitions: Long-term care isn’t medical care. As such, it isn’t covered by Medicare or healthcare insurance. Rather, long-term care relates to assistance with what are called activities of daily living, such as bathing, dressing, and eating.
Most people are likely to need such care in their lifetimes. A recent research brief from the Department of Health and Human Services estimates that 56% of Americans turning 65 are likely to develop a condition requiring long-term care. And the percentage of the population that has long-term care insurance is just 8%.
In this presentation I cover the subject of Long Term Care and some of the solutions available today.
Topics include:
- Introduction to Long-Term Care Needs and Costs
- Long-Term Care as an Income Problem
- Self-Funding Options
- Asset-Based Long-Term Care
- Accessing Long-Term Care Benefits
- Example Scenarios
- General Insights
- Specific Financial Strategy Example
- Importance of Planning for Long-Term Care
- Retirement Transition and Obstacles
- Projected Impact of Alzheimer's on LTC
- Necessity of Long-Term Care for Aging Americans
- Addressing the Great Retirement Income Gap