Do your future plans safeguard against changing needs?
Understanding the likelihood that even older adults in good health may need long-term care later in life can be a pivotal first step in building a dependable plan for the what-ifs of life. So, let’s start with this:
That’s the chance healthy 65-year-old couples will have at least one partner who requires significant long-term care as they age.
Planning for the Cost of Care
While home health care stands as a preferred option for many, the expense of such services can quickly escalate. According to Genworth, in 2023 the median cost for 44 hours a week of home health care in the Tampa area was $5,720/month* or $68,640 annually*. However, if more hours of service are needed, home health care can easily and significantly exceed the annual cost of a nursing home. If changing needs require 24/7 support, that median annual cost for assisted living is $50,556* and for a private room in skilled nursing it rises to $144,180*.
When considering the costs of long-term care — whether provided at home or in a nursing facility — it’s important to also think about the role geography can play. In areas of the country with higher than average overall cost of living, the amount you can expect to pay for care services will be higher than the national average.
Life Plan Communities. Your Practical Plan for the Future
While not that long ago, most people’s goals for retirement were to relax. However, all of that has changed and the new goal is to be as healthy as possible so you can keep doing what you love for as long as possible. Of course, enjoying a longer, more active life means your retirement savings must go even further.
As you explore your retirement community choices and learn about the cost of senior living, you may wonder what the best option is for you and your time and money. Most older adults are turning to Life Plan Communities because they feature an independent lifestyle that also offers peace of mind for the future. The reality is health changes can happen out of the blue. That’s why it’s important to proactively consider how a Life Plan Community and the right insurance can prepare you for whatever tomorrow has in store.
It’s Never too Early to Look Ahead.
Connect with our team today to discuss the value a Life Plan Community with Life Care like what you’ll find at Lake Seminole Square. Here you’ll also get priority access to on-site health services and significant savings on the rising care costs compared to the open market.
To get started, see which our floor plans is the best financial fit for you with our two-minute assessment. Then speak to your financial planner to see what additional tools, policies or plans may complement the peace of mind Lake Seminole Square provides. When you’re ready to explore all the benefits of our community for yourself, use our Community Assistant chat feature or contact us here to schedule your personal visit.
*Facts and figures within this piece have been from Genworth’s 2023 Cost of Care survey.
