Among the topics they discuss in this episode, entitled "As It Was in the Days of Noah," is long-term care (LTC) -- now approaching an average cost of $90,000 a year in facilities across the nation, and climbing at a rate of almost 6% a year.
If you think these statistics won't affect you, think again: As Terry points out, roughly 70% of people over 65 are expected to experience some sort of chronic healthcare event requiring some measure of LTC assistance. Nevertheless, relatively few have given much thought about how they would pay for that help.
Of those who expect to be among the 70%, some plan to cover it with their own funds – which is fine if you have millions in the bank.
Others figure that the government will take care of them. Trouble is, that sort of help begins only after you’ve depleted almost all your own resources. And then there’s the issue of finding a bed set aside for what is, for the providers, a losing proposition; I know people who are desperately searching for LTC beds today, and we baby boomers haven’t even begun to be a factor in the rationing that’s sure to come.
Still others purchase private long-term-care insurance policies. They’re not cheap, but for those of us of modest means, it may be the only solution that makes sense.
If you have any concerns about how you’ll survive your golden years financially, don’t miss this episode of Understanding the Times!