It’s estimated that by 2020, 12 million older Americans will need help to meet a range of medical or daily living care for an extended period.

Regardless of the type of care provided—at home, in the community, in assisted living, in nursing homes— the reality is that the cost of skilled support is soaring. The consequences of extended care can be draining, both emotionally and financially.

Although there are a variety of ways to cover the costs of long-term care, including the sale of a home, Social Security payments and personal savings, it’s important to plan and prepare ahead for how you will fund the care you receive.

As illustrated in the 2016 Genworth Cost of Care Survey, conducted by Carescout®, the median cost in Rochester, New York for a home-health aide for 44 hours a week is more than $57,000 a year. Nursing care in a facility with a private room has a median cost of approximately $135,000 a year.  Without appropriate planning, this financial burden could fall to your family members.

Long-term care as an extension of your retirement readiness.

At Beltz Ianni & Associates, we understand that planning for retirement requires you to think about possible future health care needs and long-term care, and we’re sensitive to your concerns and those of your family. What makes us unique is our ability to take a 360-degree view of your personal situation, including your goals and objectives, and to identify how to integrate a solution into your overall retirement planning.

Long-term care is more than just nursing home care. We’re here to give you the facts about long term care and discuss all of the options with easy to understand examples. We help you assess each alternative for covering the cost of care and determine whether long-term care insurance is right for you. If long-term care insurance is appropriate, we’ll help you determine the amount and types of coverage you need. We do the work so that a difficult decision becomes easier for you.

It’s important to think about long-term care as part of your retirement readiness planning before you need care or before a crisis occurs. Beltz Ianni & Associates is here to make sure you achieve financial security while protecting you, your family and your savings.