Long-term care services: Are you familiar with the variety of long-term care services available? If it becomes necessary, what type of long-term care services would you prefer? How will you pay for any needed long-term care services? Do you have long-term care insurance?
Advance directives: Have you communicated your medical care wishes in the event you suffer a catastrophic medical event? Have you named someone else, a spouse or other family member, to make medical decisions for you in the event you are incapacitated?
Paying for health care in retirement: Do you know what your out-of-pocket health-care costs might be after you retire? Are you aware that Medicare, while it covers many health-care costs, has significant limitations? Are you familiar with the various types of insurance that can help pay health and long-term care costs not covered by Medicare?
Did You Know:
In 2011, men reaching age 65 had an average additional life expectancy of 17.3 years, while woman reaching age 65 could expect to live an additional 20.0 years on average. (Source: “A Profile of Older Americans: 2010,” U.S. Department of Health and Human Services, February 2012)
About one-third of individuals who turned 65 in 2010 will need at least three months of nursing home care, 24% will need more than a year, and 9% more than five years. (Source: “What Is the Distribution of Lifetime Health Care Costs from Age 65?,” Center for Retirement Research at Boston College, March 2010)
The average daily rate in 2012 for a private room in a nursing home was $248, an increase of 3.8% from 2011. (Source: “2012 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs”)
The average length of a nursing home stay is 835 days. (Source: “CDC Vital and Health Statistics, Series 13, No. 167,” June 2009)
At an average daily rate of $248, an average nursing home stay of 835 days currently costs over $207,000.
If you’re planning for your retirement, now is the time to sit down with your advisor to talk about your plans and get advice.