$25,000-$30,000 per month for home care and assisted living?

$25,000-$30,000 per month for home care and assisted living?

Author: Diane Stoddart, Certified Long Term Care Consultant, CLTC September 19, 2024 Duration: 12:34
Preparing For Tomorrow podcast
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Today, I want to discuss the financial risk we're facing when planning for LTC needs in 20 or 30 years or more. Home care costs increased on average 10% nationwide from 2022-2023. Assisted Living costs increased 5% on average over that same time. It's not going to get cheaper to get the care we need to get through each day. This information comes from https://www.genworth.com/aging-and-you/finances/cost-of-care Falls are a big reason people start to need help and support per HelpGuide.org https://www.helpguide.org/aging/healthy-aging/fall-prevention Caregiving is expensive, financially, physically, emotionally. We can't be expected to do this alone, without help. If we reach age 65, greater than 50% of us are going to need some form of extended care services. Thankfully, most of us won't be in a nursing home. But we need a plan to be able to stay home and receive care. We need to plan to pay well over $20,000/month for care needs in 30 years. Listen to this week's episode of costs of care and schedule with me to design your plan at https://calendly.com/diane-p4t/30min

Diane Stoddart brings a professional yet deeply personal perspective to the complex world of long-term care planning in Preparing For Tomorrow podcast. As a Certified Long Term Care Consultant, she understands that preparing for future care needs involves more than just finances-it's about safeguarding your family's well-being and peace of mind. Each conversation cuts through the industry jargon to clarify the real options available, from insurance products to legal strategies, all aimed at protecting your life savings from being depleted by unexpected care costs. You'll hear Diane break down essential concepts and terms, making a daunting subject feel manageable and urgent. Alongside expert guests, she explores the emotional and physical dimensions of caregiving, offering a holistic view that acknowledges the full weight of these decisions. This isn't about fear; it's about empowerment through knowledge. Tuning into this podcast provides a straightforward guide to creating a practical plan, ensuring you can face tomorrow with confidence rather than anxiety, knowing your loved ones and your legacy are secure.
Author: Language: English Episodes: 100

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Podcast Episodes
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This week, we decided to answer some questions that we don't get as often as some others, but they're still very relevant. When plannng for long term care needs, we need to gather enough information to be able to decide…
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This week, after hearing from a client who wishes she would have bought more insurance a decade ago, Diane shares decisions that others have made in the past and now regret it. These people, if they had thought through t…
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This week, we look at premiums of traditional, stand-alone LTC plans. Diane shares a plan that her clients designed 10 years ago when they were 49 and compares that to the same plan for a 49 year old couple today, a 59 y…
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