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Assisted Living Costs Can Eat Through Your Nest Egg

Here’s the scenario: You’ve worked and saved money all your life so you can enjoy your golden years. Then, after about fifteen years of happy retirement, your retirement fund has been depleted and you find yourself in need of assisted living services. Something you haven’t saved or prepared for. Nationally, the average cost of a senior care facility is $3,500 per month. A ten-year stay would cost you over $400,000! The nest egg you’ve so diligently guarded for your entire life is shattered and scrambled in an instant.

It can get worse. If you are married and you or your spouse needs a nursing home, it is likely that the other spouse will be left with nothing to live on. A terrifying scenario plays out all too often. You want to be able to enjoy your retirement, of course, but if circumstances call for extended care, you at least want your investments to see you through and provide for your family.

So what should you do?

The best way to protect you, your partner and your assets from incredibly high costs is to have the right insurance plan. After age 60, you should consider purchasing assisted living insurance. Before age 60, the chances of needing life support are extremely low, but every year after age 60 the odds increase. And with each year, the price of insurance also goes up. So plan ahead and add long-term care to your insurance plan. Then, whatever cost your health insurance or government assistance doesn’t cover, your long-term care will and your retirement investments don’t have to take a hit.

Look for the best insurance premiums. Compare prices and coverage plans. Think of it like buying car insurance. Which company offers the best coverage at the lowest price? You want to strongly consider them. And while you’re less likely to go into an assisted living facility at age 60, buying insurance earlier can get you a lower premium.

The important thing to remember is that your golden years should be about quality of life. Prepare for the worst so you can enjoy any scenario without worry. Being financially prepared to cover these costs, rather than letting that burden fall on loved ones, is a wise decision. Love your family and yourself by planning for the possibility of needing assisted living.

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