Aging at home with smart financial planning and innovative care solutions is possible.
According to Tom Beauregard, founder of insurance company HCG Secure, most people believe that home care will be covered by their employee insurance or Medicare – which isn’t totally true. About 70% of people prefer aging at home, but only 10% have long-term care insurance, and many Americans overlook the potential costs associated with aging in place.
Home healthcare can easily reach a cost of $60,000 per year and most – which means there’s a need for innovation in the industry for middle-income families to age at home.
Planning ahead is important to be able to enjoy the retirement years without worrying about coverage. Telehealth and senior technology apps could be a fundamental piece of aging at home.
Homecare changes financial planning for retirement. In this CNBC article, you will find some alternate resources and tactics to fund aging in place. Here are the key points:
- Many Americans prefer to age at home, yet few have long-term care insurance. With home health aides costing nearly $62,000 annually, how can the average person afford their care?
- Tom Beauregard, founder of the insurance company HCG Secure, stated that there is a need for innovation in this sector to support middle-income families in aging at home.
- In addition to insurance coverage, retirees can explore alternative resources and strategies such as nonprofit service providers, sharing costs with other retirees, and utilizing veterans benefits.
