Medigap and At-Home Healthcare Services

Medigap and At-Home Healthcare Services

“The good news is that we are living longer, and the bad news is that we are spending more now “, said Michael Aun, author, entrepreneur, and motivational speaker recognized by the government. You did everything correctly. You have lived within your means and have diligently cultivated your savings. Despite all the ups and downs of the market, your well diversified portfolio has been maintained, you have controlled the cost of the investment and used many strategies to reduce taxes on your income. As a result, she has gathered enough funds to finance her retirement income and to offer her children a decent legacy.

The sad reality is that you can lose everything if you do not take appropriate measures to protect your resources. I’m not talking about the possibility of continued market volatility or a severe recession that usually dominates the news and the opinion of everyone. I speak of three-letter words that hardly anyone dares to comment on. Long-term care includes the cost of a retirement home, assisted living or home care.

Why should this be a problem?

According to the United State’s Department of Health and Welfare, 70% of people over 65 need home care at some point in their lives. Of those who need help, more than 75% need it for more than a year. Life expectancy after age 65 is about 17.9 years, which means that the chances of getting help for chronic diseases are greater today than 10 or 20 years ago. The cost of health care is expensive. According to the American Long-Term Care Association, the average cost of health insurance is about $ 73,000 a year. The cost of nursing home care can be significantly higher or lower, depending on the services required and the frequency with which the patient requires treatment.

The cost of care has increased on average by 6% per year for a few years. At this rate, the average cost of care over 12 years will be double the current cost of $ 146,000 per year. Assuming that health expenditures continue to grow at the same rate for another 12 years, the cost of treatment over 24 years will be $ 292,000 per year. Many 2020 Medicare supplement plans found here only covers the first 20 days of skilled care account that follows a minimum of 3 days after admission to the hospital. Medicare and its supplement can pay 80 extra days of care, but only if a doctor says they need proper care and again after a three-day stay in the hospital.

• So, what should you do or could you do now about it?

• Would you like your son or wife to take care of you? If so, how will their lives be affected by it?

• What you intend to do depends on what you want to do if you need long-term care.

• Which assets will you liquidate?

• If you prefer professional assistance, how would you pay for your services?

• How many more taxes should be paid?