Guest Post by Teresa Greenhill
If you were to need long-term care / helping seniors starting today, how would you pay for it? If that question leaves you scratching your head, keep reading for answers courtesy of the Discreet Pharmacist.
Medicare is valuable, there’s no doubt about that. It provides a wide range of services that can keep you healthy starting on your 65th birthday. But it’s not meant to cover everything, and in most circumstances, Medicare doesn’t pay for extended care. But you do have options whether you’re 26 or 66.
When you reach a certain age, you become eligible for many discounts. But your insurance isn’t usually somewhere you’re going to save. Long-term care insurance premiums are significantly less expensive in your 50s and early 60s than if you wait just a few years. Medicare.org notes that rates can jump by up to 8 percent by your mid 60s. (If you’re reading this as a caregiver, now’s a great time to consider your own long-term care needs.)
If you’re outside the window of affordability, you still have options when it comes to paying for long-term care or helping a loved one do the same. These include:
Today, the average life expectancy hovers just under 79 years. If you retire at 65, that leaves you more than a decade where you’re potentially without an income.
Even if you have a solid nest egg set aside, it never hurts to be aware of the options available to help pay for long-term care.
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