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• Place a freeze on Social Security numbers with every credit bureau. • Move residence to a gated 55-plus community with on-site support and services. • Draft a letter of intent for future care and provide a copy of agents and trusted contacts. • Organize financial records and provide a list of financial institutions (My book “My Last Gift” can help with this step). • Inventory personal property and provide a list to trusted contacts. • Designate trusted contacts on HIPPA releases to specify who can obtain medical records. • Maintain an active social life as exploiters prefer to target isolated individuals. For those who do not have trusted family, you can research having a professional trustee and fiduciary.
For those who do have trusted family, it is important to maintain regular contact with your loved ones and make in-person visits regularly. If you’re approaching your
senior years, now is the perfect time to start advance planning for the future. Then, maintain those good relationships.
- Kim Boy er
Long-Term Care Costs Continue to Rise
The demand for long-term care services in the U.S. is on the rise, primarily due to a growing senior population. Projections indicate that the number of Americans aged 65 and older will increase from 58 million to about 82 million by 2050. This demographic shift is expected to strain existing long-term care infrastructure and resources. At the same time that the over-65 population is increasing, the U.S. is experiencing a significant shortage
of health care professionals specializing in geriatric care. There were approximately 7,400 board-certified geriatricians, but an estimated 30,000 will be needed by the end of the decade to adequately serve our aging population. This shortage extends to nursing staff as well. The costs associated with long-term care have been escalating, placing a substantial financial burden on individuals and families. This upward trend in long-term care costs is influenced by several factors, including increased demand for services, staffing shortages, and higher operational expenses. According to Genworth, the average cost of assisted living in Nevada was over $10,000 per month last year. Planning for long-term care and figuring out how to pay for it can seem daunting. However, investing in long- term care insurance or taking other advance steps may lessen the burden of these ever-rising costs. If you have any questions or want to schedule a free consultation, contact us today!
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