According to new research from Edward Jones, an estimated two-thirds of Americans planning retirement within the next decade have no plan for the two big expenses of health care costs and long-term care costs during their retirement. Retirees will be shocked at the hundreds of thousands of dollars of the inevitable health care and long-term care cost.
For example, let’s say Bob claimed his social security at 62. Bob would end up spending 60% of his Social Security check on out of pocket medical expenses. Medicare does not cover all your medical needs. For example, it does pay the cost of home care or the $6,000 per month nursing home bill. Also, there are premiums and coinsurance that you have to pay. These expenses are shocking if you are unprepared.
At Losavio & DeJean, LLC, The Louisiana Elder Law Firm, our team of talented attorneys is here to help you plan how to avoid these inevitable expenses. Many people do not realize until it’s too late that they will likely need long-term care. In fact, 70 % of the people who reach the age of 65 ultimately require some home health services and/ or nursing home care.
Most people have home, life, car, and flood insurance even though the odds of usage are very low. The high probability you will need long term care along with the high cost of care, in addition to the lack of coverage and a plan, can leave you destitute without proper planning.
It is important to not be caught off guard, so, if you are one of the two-thirds of Americans with no plan to pay these two expenses, then please contact our law firm today so we can discuss what steps you need to take to avoid this financial trap that threatens your retirement security.
Give us a call today at (800) 835-5864 or contact us online to request your complimentary consultation with a legal representative at Losavio & DeJean, LLC, The Louisiana Elder Law Firm.