Long-Term Care Strategies
Who will take care of you if you are unable to care for yourself?
As the oldest baby boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving good health. As of 2021, the national median cost of a private nursing home room was $108,405 a year while an assisted living facility was $54,000 a year.1 It's understandably daunting. Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering you could have to reduce your financial means before Medicaid will pay for long-term care, and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine what kinds of products could fit into a comprehensive long-term care strategy, one that is suited to your needs and circumstances.
1 Genworth. Feb. 7, 2022. "Cost of Care Trends & Insights." https://www.genworth.com/aging-and-you/finances/cost-of-care/cost-of-care-trends-and-insights.html. Accessed March 7, 2023.
Strategies for Financial Independence
It is important to feel you have control over your future. At Saoud Financial, we offer our experience and knowledge to design a specific plan of action that helps you work toward your financial independence.
To schedule a time to discuss your financial future and the possible role of insurance products in your financial strategy, contact us at jelsey@SaoudFinancial.com or call us at 586.225.7171 today!
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