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There are over one million people Americans that are living in nursing homes. As we get older, activities of daily life become more difficult and new levels of risk present themselves, causing many to require around the clock assistance. Fiduciary retirement planning advisor Thomas Reilly of Strategic Wealth Designers joined us on the newscast to discuss the financial aspect of skilled nursing facilities.
“There really is no way of knowing what exactly our needs will look like as we age,” Reilly says. “However, we do know that 52% of people that are turning 65, will need some sort of nursing or long-term care. That is a compelling percentage and something that we need to factor in when saving for retirement. Assisted living comes with a hefty price tag, especially dependent on the level of care and privacy you want or require.”
Medicare only provides coverage for short term care at a nursing home, with a maximum of 100 days. Medicaid is currently the primary financer of nursing home care. It is important to remember that Medicaid is not the answer for all cases. Individuals must be accepted into the program based on various eligibility factors.
“There are a lot of components that go into planning for retirement,” Reilly says. “Everyone should have a plan for their long-term care, especially with life expectancy growing to be longer. It is crucial to make sure that you are looking at your asset allocation, with the purpose of ensuring that you have enough of your portfolio safe.”
Nursing homes provide the elderly with the care that they need to carry on with daily life and it is important to prepare financially with the possibility in mind. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to email@example.com.