The average Georgia resident looks forward to retirement. In many instances, the individual eagerly anticipates the opportunity to travel and enjoy life. Unfortunately, these opportunities may not be available when the time comes. Depending upon one's health and circumstances, one may need to consider care planning instead of travel planning.
The cost of long-term care has risen dramatically over the years. For those who have millions in the bank or very little, this may not be a serious concern. However, for the typical middle-class individual, this cost can quickly deplete one's life savings and have a devastating effect on the family finances.
Today, the average cost of nursing home care is just under $100,000. Long-term care insurance is available; however, it is expensive to obtain and may not provide the coverage needed. Prior to obtaining such insurance, one often has to complete a medical examination along with a memory test. Additionally, there are different options available that offer different types of coverage.
Once such coverage is obtained, it is typically only for a specified period of time. Premiums often increase dramatically, and the cost to maintain such policies can become prohibitive. For some, the option to self-insure appears to be the best alternative.
The appropriate care planning option and how to fund such plan depends upon the individual, the family and the finances available. Prior to obtaining long-term care insurance, one will want to carefully review the documents to make sure that the policy will meet the anticipated needs. Experienced legal counsel can be essential in making sure that the Georgia resident's financial future is protected.
Source: kiplinger.com, "The Impossible Reality of Long-Term Care Planning", Evan T. Beach, Jan. 2, 2018