Not everyone will wind up needing care in an assisted-living facility in old age, but everybody should plan for it, just in case.
“When people hear the term ‘long-term care,’ they immediately think, Oh, my gosh, long-term care insurance. That’s for old people,” said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth.
“Just because you don’t talk about planning for long-term care, it doesn’t mean that it’s not going to happen,” she said.
Paying for long-term care can be a costly and complex undertaking if you’re unprepared. Last year the national median annual cost of a semiprivate room in a nursing home was $85,775, according to Genworth Financial.
Cheng suggested using these three questions as guidelines in drafting your long-term care plan.