The 2020 pandemic put the spotlight on the in-facility long-term care (LTC) industry. Nursing homes and assisted living facilities experienced woeful staffing shortages and unsafe practices that put people’s loved ones at high risk of the then life-threatening illness. This crisis illuminated the inadequacies of the LTC industry but even two years later, the process of modernizing, and the trend toward home care is still strong.
Since then, LTC Awareness Month has taken on a whole new meaning. Whether it’s for you or your loved ones, planning for eventual long-term care can become disheartening when you must deal with an industry struggling to provide adequate, compassionate care. When the institution we rely on to care for our loved ones in their most vulnerable states exhibits widespread failure to do so, we may feel an added burden when trying to select the proper care for our loved ones or ourselves.
Regardless of the state of the industry, long-term care is a crucial cost to consider for your retirement. Healthcare costs are on the rise and long-term care is no exception. You might be considering in-home care for your parents or finding the right facility for them to enjoy life in their later years. But even for you, there are steps you can take now to make sure long-term care isn’t a financial burden on you or your family, and you have a wide variety of options available so you can select the best care you can get.
Whether you’re looking for an LTC rider to tag onto an annuity, a long-term care insurance policy, or simply setting aside savings for healthcare expenses, a financial strategy that factors your healthcare and long-term care expectations can pay off when it comes time to pay for those expenses.