Growing older is scary. Even though you’re excited for retirement, you might be concerned that some unexpected expenses will ruin your savings and leave you without any means to sustain your lifestyle. A serious accident, a debilitating illness, or just old age itself can make you unable to care for yourself. And the high costs of healthcare can crumble your retirement plans.
It can be hard to believe that one day, we won’t be able to perform day-to-day activities on our own anymore. We will all likely lose our independence at some point. We take for granted our ability to do simple tasks like driving, cooking, cleaning, and bathing.
Medical expenses in retirement continue to be an enormous concern for Americans, particularly those who are approaching retirement age. Without the right insurance, even a short hospital stay can be prohibitively expensive. Long term care, such as physical therapy or other prolonged medical treatments, can be even more worrisome.
In a few of our recent posts, we’ve discussed the idea of long-term care (LTC), a blanket term that covers things such as nursing home care, prolonged hospital visits, and in-home care or assistance that takes place over a prolonged period of time.
Long-term care (LTC), that catch-all phrase for prolonged hospital visits, nursing home care, or any other form of health care that takes place over a long period of time, can cause concern or worry for most Seniors.