As health care costs continue to rise, many older adults are dealing with a retirement income gap. An article recently published in The Washington Post delves into the challenge of paying for senior living, noting that long-term care costs are crushingly expensive for millions of seniors. The truth is, many baby boomers approaching retirement are unprepared for the high costs of specialty care, particularly Memory Care and Skilled Nursing Care.
Looming Financial Risks Facing Retirees
Long-term care costs represent the most significant financial threat for older adults and their families. The average cost of nursing home care has reached staggering levels at more than $111,660 per year for a private room, based on Genworth’s Cost of Care Survey in 2022. Many middle-income seniors are left with fewer options for care because their financial resources are too high to qualify for Medicaid, but not high enough to pay for the rising costs of senior care. When older adults have a sudden decline in health that requires a greater need for care, family members are often left with the burdens of high costs.
The National Council on Aging and UMass Boston researchers provided deep analysis on the issue of financial insecurity in retirement in a 2020 report. Their findings suggest that 80% of households with older adults are financially struggling today or at risk of falling into economic insecurity as they age. These financial trends can be overwhelming, but they also provide motivation to do things differently and find new ways to shore up your financial security in retirement.
Planning for Your Future with Life Care
When you’re planning for the unknown, you may have lots of questions about the costs of senior care and how to afford rising costs in the future, such as: What if I need more health care in the next 5 years? In the next 20? How much will that cost? How much do I need as costs continue to rise?
There’s no telling how high the cost of care could be in the future, which is why it makes so much sense to choose a continuing care retirement community (CCRC) with Life Care. A Life Care contract provides an exceptional value for older adults who want financial protection from the rising costs of senior care and the peace of mind knowing they have lifetime access to care within the same community. Life Care makes retirement planning simple and concise with a monthly fee that doesn’t fluctuate due to health care needs.
Take the Guesswork out of Financial Planning
When you choose Life Care, you don’t have to guess how much care you’ll need or how those costs will change in the years to come. You’ll pay an entrance fee — the sum of money paid upfront to secure your place in a CCRC — and enjoy predictable monthly costs for as long as you stay in the community. It’s an easy way to plan for the rest of your retirement, knowing you can save money with a plan that includes:
On-site health care. A community offering Life Care provides high-quality on-site care at predictable rates for the rest of your life. You’ll have peace of mind with a continuum of care including Assisted Living, Memory Care, Skilled Nursing and Rehabilitation, if you ever need such care.
Maintenance-free living. Experience total relaxation in a well-appointed cottage with all the comforts of home. All home maintenance and landscaping — as well as water, sewer and trash services — are included in your monthly fee.
Meals and entertainment. Enjoy restaurant-style dining options and a robust activities calendar to spark your interests.
Make Your Retirement Savings Last
When you choose an all-inclusive senior living community like The Culpeper, you can relax knowing you’ll have everything you need in one place, with all your living expenses included in one predictable monthly payment. That kind of financial stability and transparency is something you won’t get at every retirement community or active adult community nearby.