As more Americans are living longer, the cost of healthcare through retirement has become a major concern for many. According to a recent study by Fidelity Investments, a 65-year-old retiring in 2023 could incur an average of $157,500 on health and medical expenses throughout their retirement, assuming they have Medicare Parts A, B, and D. However, this estimate does not encompass long-term care costs, which can significantly escalate the overall expenses.
This year will see a peak in the number of people who turn 65 in this country, with at least 12,000 people celebrating their 65th birthday every day until 2027. Seven out of 10 of those people will require long-term care for an average of two and half years, according to Genworth Insurance, which tracks the costs of this type of care across the country.
Once you hit your 60s, you will want to develop a long-term care plan tailored for your unique situation. As with any planning, a good way to begin is to seek competent advice from qualified professionals. At Caldwell Law we are dedicated to helping people find solutions to their long-term care needs. To learn more, visit our website and read more about our long-term care planning options.