Many of us in the “boomer” generation have already experienced the need for long-term care for our parents – long term care that wasn’t funded thru insurance, but out of pocket. Even after experiencing the financial and emotional burden, many feel that it won’t happen to them … even though there is a greater than 50% chance it will. The question is how will boomers protect their financial nest egg? How will they access the quality of care they will need? How will they ensure the peace of mind for their family that they wished they had when they experienced their parents’ long-term care event? Here are some median annual care costs for services in California: *nursing home/semi-private $81,760 annually; *assisted living/private one bedroom $42,000 annually; *home health aid $51,480 annually. (Genworth Financial)
Having experienced a long-term care event with my parent, you realize this not just a financial issue. It does take a toll emotionally on the family. It can negatively impact the family caregiver’s health. It can change family dynamics.
At a minimum, take the time to discuss the potential need for long-term care with your family and with your financial planner. You will be glad you did.