About Us Contact Us Help


Archives

Contribute

 

What You Need To Know About Long-Term Care/ Protect Your Retirement:
Prepare For Long-Term Care Now/ Long-Term Care And Your Retirement

Kanan Sachdeva, Northwestern Mutual
04/17/2019

Like many people, you’ve worked hard to build your wealth for a more secure future. But have you considered how a significant health event could impact that wealth you’ve worked hard to build?

On average, nearly 70 percent of 65-year olds will eventually need some form of long-term care, according to the U.S. Department of Health & Human Services (HSS). Whether provided at home with the help of a caregiver or in a assisted living facility or nursing home, the cost of care can add up quickly, depleting retirement funds that took a lifetime to build.


Keep in mind that not everyone who requires long-term care is elderly. According to the HSS, an estimated 12 million Americans currently receive long-term care; nearly 40 percent of them are adults age 64 and younger. A major health issue during your working years could disrupt your ability to save for retirement, significantly impacting the amount you ultimately will be able to set aside for future needs.


The fact is, if you sustain an extensive injury or experience a prolonged illness, regardless of age, you may need help with everyday living activities that are essential to maintaining your independence, such as getting in and out of bed, taking care of your personal hygiene, or driving to and from appointments. If you become cognitively impaired, you may need help preparing and eating your meals, remembering to take your medications, paying bills and other kinds of support.


There’s a common misconception that private health insurance and/or Medicare will cover the tab if long-term care is needed. In reality, Medicare and most forms of employer-sponsored health insurance cover only a portion of care (up to 100 days) in a skilled nursing or rehabilitation facility. And that care is covered only if it is deemed medically necessary and it directly follows a hospital stay of at least three days. Medicaid will eventually help, but only after you’ve spent down most of your own savings. As a result, you may need to cover the costs of care out of your own pocket
 

How much could long-term care cost you?

According to the LTCG 2014 Cost of Care Study released in January 2015, the average annual cost of a semi-private room in a nursing home facility is $85,049 a year (and as high as $172,930 in Alaska) and the average cost for full-time care (12 hours/day) by a home health aide is $95,352.60 a year. Given this, you can see how long-term care costs can quickly deplete assets earmarked for other living expenses, including your retirement, and put any legacy plans you may have for your loved ones at risk.

For these and other reasons, it’s crucial to plan ahead for the possibility that you or a loved one may need long-term care. This is where a qualified financial professional can make a difference.

An experienced financial professional can discuss your needs and concerns, help you understand your options and then design a strategy to help protect your hard-earned assets from the devastation that can result from a long-term care event. By planning ahead, he or she can help you maintain your independence and ensure you have financial security to live your life your way.

###

Article prepared by Northwestern Mutual with the cooperation of Kanan Sachdeva. Kanan Sachdeva is a  with Northwestern Mutual based in Westborough, MA. Kanan Sachdeva is a licensed insurance agent. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI, and its subsidiaries. To contact Kanan Sachdeva, please call (781) 248-8640 or email at kanan.sachdeva@nm.com.



Bookmark and Share | Share your Comments

Comments :
Post a new message

In this Issue
Babson India Symposium: Gearing For Growth


The Babson India Group has been hosting the Babson India Symposium (BIS) for the past 4 years and this year we have planned it to be bigger than ever before. The theme of BIS 2019 is “Gearing For Growth”, under which we will have notable speakers from India to have a strong discussion on India’s future and potential in various sectors such as Social Entrepreneurship, Retail, Innovation and Luxury, Startups, and the overall Indian Economy.
[more]

Babson India Symposium: Gearing For Growth
Sita Kalyanam At Chinmaya Maruti


Each year during Ramanavami, temples around the world re-enact the beautiful scene of the marriage of Rama and Sita. It is particularly popular in the South where the wedding is performed on Utsava Murthies of Rama and Sita. The event is a big crowd puller at the Chinmaya Maruti temple where Sita Kalyanam was held on April 13, 2019.
[more]

Sita Kalyanam At Chinmaya Maruti
Shivalaya Temple Celebrates Shree Ram Navami


The Shivalaya Temple of Greater Boston, MA, celebrated Shree Ram Navami - the birth anniversary of Lord Rama - the seventh incarnation of Lord Vishnu on the ninth and last day of Chaitra Navaratri, that is April 13, 2019, with much enthusiasm and devotion.
[more]

Shivalaya Temple Celebrates Shree Ram Navami
Governor Of Colorado Proclaims "Sikh Recognition Day"


The state of Colorado has declared the second Sunday of every April as “Sikh Recognition Day,” which falls during the religious and historic Holiday for Sikhs known as Vaisakhi. In the historic proclamation signed by Governor Jared Polis, the newly elected governor for the state of Colorado, core aspects of the Sikh faith are discussed in great detail.
[more]

Governor Of Colorado Proclaims
Academy Of Creative Arts – Annual Art Show And Student Recitals


Over 150 students will be showcasing their art, dance and music talent at the Academy of Creative Arts Annual Art show and student recitals on May 19.
[more]

Academy Of Creative Arts – Annual Art Show And Student Recitals

You may also access this article through our web-site http://www.lokvani.com/




Home | About Us | Contact Us | Copyrights Help