By Chris Orestis
The costs of long term care are back on the rise, surging 4.5 percent this year alone to almost $100,000 a year for a private room, according to Genworth Financial. It’s a cost most families don’t contemplate until it is time to start paying for care and, by then, it can be too late.
The United States is facing a financial crisis driven by generations who have “failed to plan” for retirement and the long term care that 70 percent of those over 65 will need according to the Department of Health and Human Services. Families can quickly run through savings and investments trying to provide care for a loved one as they face a bewildering world of programs and choices among the public programs, the care options and the investing opportunities.
Without knowledge, professional guidance and a strategy, the most painful part of getting old isn’t the aging process—it’s figuring out how to pay for it. What follows is a guide to counseling families through the process of planning for long term care.
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