Sometimes difficult talks
and decisions have to be made no matter how harsh the reality. One such topic is that no one has a lease on
life. And as we all age, the chances of
a stay in a nursing home, assisted living facility or care by family members and
friends increases. Take a look at some
sobering stats.
·
34 million American are caregivers to folks
over Age 50
·
78% of the
elderly ae in need of some form of LTC care
·
14% of young people
(31 to 64) are in a long term facility
·
$113,640 is the amount
a spouse can retain and still qualify for Medicaid
·
$73,000 median
cost in America for Long Term Care
·
As you can
rightfully imagine, this is much higher in NY
There are several ways you
can approach or solve this dilemma.
First, you can simply avoid, delay this issue and hope that you will
eventually pass in your own home surrounded by friends and family. If you need to live in a long term care
setting, you can use your savings to pay for such costs. Additionally, you can transfer/shift this
risk through two-types of Insurance.
We will be discussing the
two forms of Insurance in the next two posts.
So whether you have this difficult talk or not, sooner or hopefully much
later the talk will hit you. It’s best
to start planning as soon as you can because such topics could drastically
affect the legacy or future of your business.