Many people save up for retirement thinking of mortgage payments, groceries, travel, and bills. But what about your health?
You should remember that as you plan for retirement, your health should be budgeted for or you risk losing your entire savings and family finances.
Not overlooking health costs for retirement
Many retirees forget to take this expense into consideration and often end up regretting it.
A nursing home room is on average $94,900 for a semi private room and $108,405 for a private room each year.
Data shows most people will end up with a bill requiring long term care after the age of 65.
So how do you cover such a large expense?
Paying for long term health costs in retirement
There are a few ways you can plan to cover this expense in retirement.
First, if you have the funds you could pay out of pocket.
Next, you could depend on long term care insurance.
Finally, work with someone to help with Medicaid planning.
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