Did you know that 70% of those 65+ will require some type of long term care? The costs of long term care can certainly add up, especially for the 20% of long term care recipients who need it for 5+ years. But there are ways you can prepare now to better manage the costs.
Start planning early, in your 40's or 50's at the latest. Long term care insurance is far easier to get the younger you are.
Make sure you understand your options. Long term care comes in many different forms, and the costs can vary substantially.
Make sure you have a plan for covering the costs, whether it's through long term care insurance, a retirement plan, Medicare/Medicaid, or a combination of these.
The key is being proactive instead of reactive. Don't want until it's too late.
Check out Act III: Your Plan for Aging in Place to put together a comprehensive plan.
To read more about long term care, click here.