Orlando Long Term Care Benefits: Boomers Unprepared for Retirement
According to a consumer survey by a national insurer, boomers’ beliefs on how much long term care will cost them and how many years they will spend in retirement do not add up. The disparity is significant. Americans aged 50 and older underestimate the annuals costs of Long Term Care by over three times what their care will actually end up costing them.
Here is the breakdown. According to the recently released poll, boomers estimate long term care costs to be $78,923 annually. However, of the respondents, two in five said they failed to factor for inflation. And according to some estimates, by 2030, the estimated cost of care in a nursing home is projected to reach $265,000 per year.
There are several reasons for this misconception in addition to inflation. Many boomers are in denial that they will ever need long term care and don’t plan for it. Still others associate the idea of long term care with nursing homes or assisted living. However, nearly half of long term care is performed at home by healthcare professionals that come to an individual’s home. And, with medical advances, many mis-predict their own longevity, often outlive the number of years they expect to spend in retirement. Finally, rising healthcare costs also negatively affect boomers’ predictions. It is essential to discuss long term care options and retirement planning with your spouse and loved ones.
Due to rising healthcare costs and longer life spans, long term care insurance has become a frequently requested employee benefits. Employers see it as a way to make a positive difference in how employees plan ahead for their future. Long term care benefits are a way for employees to protect their savings and assets, ease a family’s burden of care giving and offer the ability to choose where care is received.
Contact Newman Crane Insurance today for more information about our Orlando, Florida Long Term Care programs for Orlando business owners.