Life planning is essential in today’s economy, but the process can be difficult and overwhelming. While working through investments and 401K plans, you might want to also consider researching long term care options and how to pay for them. As we age, our needs change so preparing well before there is a need is definitely a smart move.
Although, there are many factors to consider when planning long term care, affordability is often a key factor. Knowing your options will aid you in making sound financial decisions. For instance, did you know that veterans and their spouses might qualify for financial assistance to pay for assisted living?
Like long term care insurance, military veterans who bravely sacrificed their lives in service are also provided substantial veteran benefits that cover long term care. This benefit is call Aid and Attendance. Overlooking the Aid and Attendance veteran’s benefit as a financial resource could prove to be a costly mistake. Today’s average 65-year-old living is living well into their 80’s, and 25% of those individuals are living past 90-years-old, according to a Marcus and Millichap National Report. The average cost of living for someone who requires care could be on average $3000 or more a month in a nursing home or senior living community.
To learn more, give us a call at Dogwood Forest of Grayson at 678-496-2319 for more information on finding a local VA specialist who can help you. Or visit our Financial Options page on our website at dogwoodforest.com
To receive more education regarding this topic and similar topics, please contact Dogwood Forest of Grayson at 678-496-2319.