When it comes to your finances and your future, you’ve got to be the one who takes the reins and protects your nest egg. In addition to funding your retirement, those accounts might also become the payment source for long-term care health needs. You and your spouse should both be on the same page about saving for these possible issues.
A recent study of US adults between the ages of 50 and 64 revealed that plenty of Americans do not feel confident about being able to afford health care costs in retirement. Nearly 45% of the survey respondents had low confidence in their ability to afford appropriate health insurance coverage for their potential needs during retirement.
The average 65-year-old couple in 2020 will require nearly $300,000 in today’s terms during their retirement to cover health care expenses outside of long-term care. That number could also fluctuate dramatically based on location, income, health and Medicare eligibility.
The expenses for health care can increase considerably when you consider the possibilities with long term care, given that the national average median cost is $8,821 for a private room in a nursing facility.
Leveraging tools such as long-term care insurance policies and health savings accounts can help to empower retirement savers today with a better understanding of what’s required to protect their own future.
The support of an experienced NH elder law lawyer can help guide you through this process and ensure that you have considered all different aspects of appropriate planning.