Call (310) 980-9509 to speak with a licensed insurance agent.

Call (310) 980-9509 to speak with a licensed insurance agent.

Anticipating Your Future Medical Needs

Posted by Sarah Human, June 21, 2018

When we retire, most of us picture ourselves spending our time on travel, leisure, and hobbies. You might even hope to make a difference by volunteering in your community, or look forward to an active and social part-time job.

Those are the fun parts of retirement, and hopefully you will enjoy plenty of those activities. But since most of us also experience some health problems in our sixties, seventies, and beyond, we all must consider future medical needs as well.

For those turning 65 today, they stand a 70 percent chance of needing long-term nursing care or other supportive care at some point in the future. About 20 percent will need this type of care for more than five years.*

You will face many different options, regarding nursing and supportive care. While sometimes the decision comes down to personal preferences, often it is budget that determines the type and location of care you receive. Generally, your nursing care will fall into one or more of the following categories:

  • Nursing care is provided in your home, by an unpaid person (usually a family member or friend)
  • A nurse, home health aid, or therapist visits you in your home to provide services
  • You visit an adult day program in your community, either daily or as needed
  • You move to an assisted living center or more traditional nursing home

While many retirees do remain at home for a number of years, with help from family and friends, caregiving could still be considered “expensive”. Caregivers often miss time and pay from their careers, and the physical and emotional toll can be significant. These arrangements can certainly be satisfactory and even mutually beneficial, but should not be regarded as “free”.

As for the other options listed above, the monetary cost can be significant:

  • The average cost of a nursing home is $225 per day, or over $82,000 per year**
  • The average cost of a one-bedroom unit in an assisted living facility is $3,750 monthly***
  • The cost of professionals visiting the home can vary widely, depending upon the level of care needed, rates in your particular area, and the number of hours needed each week

Clearly, long term nursing care is not always cheap or easy to obtain, but most of us will need this type of service at some point. That’s why, no matter how healthy you are today, everyone should consider the potential need for nursing care in the future. As yourself whether your retirement plan accommodates for this expense, and give us a call if you have any questions.

*Stats from www.longtermcare.gov
**National Nursing Home Survey
*** Genworth Cost of Care Survey 2017

Need more information on your insurance options?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close