"I can just save the money I'll need for future LTC services"
Fact: Anyone who’s had this thought should stop to consider two crucial questions: How will I save up the money? And (more important), why?
LTC services can be very expensive. The growing costs for care present a huge financial risk to older adults’ retirement dollars. Those who plan to take on the burden of LTC expenses for themselves and/or a spouse or
other loved one could wipe out their lifetime savings much faster than they expect.
Consider the facts:
• The average cost in 2010 for a one-year stay in a private nursing home room is $83,580.
• Of all Americans age 65 and up today, 1-in-5 will require LTC services for five years or more.
• At today’s average cost, a couple with $500,000 in assets would deplete their savings in just a few short years paying for LTC services.
Mike Padawer, president and founder of INERTIA, puts it into the proper perspective with one simple question: "In the event you need care, which of your assets will have to tap first?" The answer will likely be the same whether it's today or twenty years from now; the difffence is whether your clients want to address it CALMLY today or in CRISIS tomorrow.....