Life after retirement should not be wrought by financial uncertainty. However, it’s the case for the majority of the elderly population who don’t have long-term care insurance plans in place. The cost of elderly care has been on an upward trend, and Medicare, the government insurance for aged citizens, may be insufficient to cover all the costs.
The closest alternative, Medicaid, has strict income and assets limitations that many families do not meet to qualify.
Why is the cost of elderly care rising?
The costs of medical care among senior citizens are going up because of several factors. First, their low immunity level associated with old age makes them more vulnerable to diseases or infections. Therefore, they end up visiting the hospital more regularly.
In addition, the elderly population has been on the rise year on year, with the latest figures being in excess of 50 million. It has translated to an increased demand for such services, and coupled with a shortage of specialized caregivers, it only worsens the situation, pushing elderly care costs over the roof.
Stay ahead of time
The cost of health care is ever-increasing, but with proper planning, life may become more bearable — plan for future medical needs with your family in mind. In most instances, they are the only people who bear the burden of taking care of you no longer can.
The sooner you start planning, the better. Aging is not an immediate process. If you have the luxury of youth, the best time to have a financial plan to take care of your needs beyond retirement is now. Remember, such long-term planning needs to be well-informed since a lot can change in the years to come, and you may not even be aware of the benefits owed to you.