Are you ready for wherever life takes you?
How are your family members managing changing life-events?
In 2020, the current health concerns revolve around the COVID virus and maintaining social distances. Just as the pandemic’s sudden impact changes one’s routine and lifestyle, the same reality is true for our aging population. You, too, may even have experienced a few unexpected bumps in the road yourself, such a seeing how a friend’s death or disability destroyed the family’s savings and retirement security for the surviving spouse or alter opportunities for their children.
In years past, older generations thrived on the extended family network living within their immediate community. Conversely, in 2020, families reside across the United States, and even globally, that network rarely exists.
As a result, there is a need for developing a family plan, or similarly, everyone needs a Long-Term Care plan for sudden life-changing events that should include Aging in Place. Whether it is Aging in Place, a sudden illness, or an accident, it requires an emergency family strategy.
Furthermore, the discussion leads to how to fund the possible Cost of Care in a Life-Changing Event. “The cost of that care varies based on the care setting, geographic location of care, and level of care required, among other things. Using Genworth’s Cost of Care Survey …. you and your family can calculate the cost of long term care across the U.S. Knowing the cost is a first step to helping you plan for it.”[1]
In the Chicago area, the average cost of care in today’s economy can range from $4500 to $8500 a month for at Home Care to Assistant Living Community or $54,000 to $102,000 annually. Does your plan include this type of sudden funding demands? And, neither does your health insurance or Medicare cover the cost of extended care.
Making the decision to create a plan centered around future care needs can be a daunting process. When you’re ready to start your plan, or you have questions about the process, we are here to help. You can do this.
Contact us now…It’s Your Life Security!
[1] Source: Cost of Care Survey, 2020 Genworth Financial, Inc.
© Your Life Security, LLC 2020