Have you ever considered what would happen to you, in the event that you become unable to care for yourself? A car accident, illness, stroke, or dementia – we are all subject to these risks, and the fallout can be costly in both an emotional and physical sense. Then, of course, is the financial aspect. Who will care for you when you need help? Perhaps you are already caring for a loved one yourself.
A new study by the National Alliance for Caregiving sheds some light on the reality of care giving in the United States. The vast majority of care givers report difficulty with all aspects of their task, such as:
These statistics point to a greater need for long-term care services in our country. Many elderly, sick, or disabled individuals want to remain in their own homes for as long as possible, while others simply cannot afford to move to a nursing home.
Part of retirement planning means we must plan for all possible circumstances as we age. Therefore, it's important to factor in the high cost of health care when planning for your retirement years. You will be living on a fixed income during retirement, whereas the cost of health care is steadily rising.
Also, consider what might happen in the event that you need long-term nursing care. Can you afford a nursing home? Would a loved one provide your care? How would they afford it? You may wish to purchase long-term care insurance, or make provisions in your financial plan to assist this friend, relative, or spouse in providing you with the care you need.
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