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How to Prepare for the Cost of Aging with Long-Term Care Insurance

Insurance involves thinking about the possibility of misfortune—everything from a damaged car, to a damaged home, to damaged heath. And the older we get, the more we need to consider the possibility of long-term care (LTC) insurance to help in our twilight years. What is Long-Term Care Insurance? LTC is an insurance policy that pays for care when you can no longer manage yourself. Should you need to enter a nursing home, move to an assisted-living facility, use an adult daycare center or have a caretaker in your home, LTC can protect you, and family members, from financial disaster. How High Are Long-Term Care Costs? The costs of long-term care are staggering. According to the 2018 edition of Genworth’s Cost of Care Survey, nursing home care averages $8,365 per month for a private room ($7,441 for semi-private), $4,000 per month for an assisted living facility. Homemaker and Health Aide care…

Understanding Healthcare Costs in Retirement

What to expect to spend on health care in retirement is the big question for future retirees. The reality is there is no simple answer. By understanding estimates of Medicare premiums and other related expenses, as well as some of the ways costs can be reduced, you can start to put some of the pieces of the health care puzzle together. Unpacking Average Healthcare Cost Estimates Several different estimates related to what people can expect to spend on healthcare costs in retirement are out there. One of the most commonly quoted figures is $280,000 from a Fidelity study. Equally staggering is the fact that Fidelity found this number represents a 75 percent increase since they first did a study of retirement health care costs in 2002. The $280,000 figure is based on an average 65-year-old couple. Women can expect to spend $147,000 and men can expect $133,000 on health care…

The Childcare Choice: Costs and Benefits of Nannies and Daycares

When you have young children, choosing the best childcare situation – and figuring out how to pay for it – can be a major cause of stress. Some families choose to have a parent stay home while their kids are young, but many just can’t make the numbers work … or simply don’t want to. Whether you work because you have to, because you find it fulfilling or because you want to continue contributing to longer-term financial and career goals, you’re faced with the decision of finding a childcare situation that makes the most sense for your family. According to the Care Index, a significant portion of a family’s pay with children under 18 goes to childcare. Nationally, “the cost of full-time care in child care centers is 85 percent of the monthly U.S. median cost of rent.” In four states, the average cost is more than the average cost…

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