How to Pay for Senior Care

Senior care costs are not covered by Medicare, the health insurance for America's seniors. Only short-term stays in a nursing home, after a major medical event, are covered. This means everyone must plan ahead for the possibility of caregiving needs as they age. Insurance actuaries estimate all of us will need some senior caregiving services for at least 2 years.

Caregiving for someone with memory loss, called "dementia" can be one of the longest journeys and cost the most. A new conversation around how we want to age has begun, with the book "Being Mortal" igniting many conversations on the topic. Aging is part of living and so is dying. Understanding the benefits Medicare does and does not provide is part of creating a healthy aging plan.

Retirement planning must include planning for how to pay for the costs of senior care. Perhaps a senior will only need caregiving services for a short period of time while recovering from surgery such as hip replacement or a stroke. However, it is healthy to accept that part of aging includes our bodies, and sometimes our minds, will no longer regenerate cells and perform as when we were younger. This is natural. Or as the song says "that's life"!

Learn about the costs of senior care and how to structure a caregiving financial plan with a complimentary telephone consultation provided by Transamerica and download their free caregiving guide. Start talking with your family members about how you would like to both pay for and receive care as the gift of a long life presents itself.

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