A Growing Urgency: Why Boomers Should Prioritize Retirement Care

Friday, March 1, 2019

A Growing Urgency: Why BoomersShould Prioritize Retirement Care (NAPS)—When thinking about retirement, your main focus may center around not being a burden to your loved ones. In fact, 81% of middle-income Boomers have madeatleast one formalpreparation for when they pass away’. However, despite preparing for these expenses, your retirementplan is far from complete. There is one cost that many avoid planning for—retirementcare. Just one major expense can shatter yourretirementnest egg Retirement care—whether at home orina facility, due to injury, chronicillness or decline in physical or cognitive function—is an urgentissue that must be addressed. Many factors will impact the amount you should save for retirement care such as age, health care needs and costofliving. ‘This week,it’s National Retirement Planning Week, a greattimeto develop a planfor retirementthat includesretirementcare. Bankers Life President Scott Goldbergsharesthree steps to help prepare forretirementcare. L.Increase your knowledge. Whetheryou planto pay forretirement care with personalsavings or government assistance, it's important to be aware of the costs and the waysto pay for care. For example, while Medicare does not pay for ongoing long-term care, Medicaid may pay for someretirement care expenses Scott Goldberg President of BankersLife 3. Communicate your preferences. ‘The timeto prepare forretirement care is before you or a loved one becomes ill. Its important to communicate your preferences to family members about how you would like to receive care in retirement. It’s helpful to include a financial planner in these conversa- tions to provide an unbiased answerto yourfamily’s questions. By sharing your plans, your loved ones will be as financially and emotionally preparedas possible should you needretirementcare. It’s nevertoolate to seek help and to better understand yourfinancial plan and currenthealth care coverageto anticipate unforeseensituationsin the future. Bankers Life Center for a Secure depending on youreligibility. Retirement, A Growing Urgency: Retire2.Develop a plan. Ideally, your ment Care Realities for Middle-Income retirement and how much money you should save is something you have thought about years before youretire. Having a realistic financialplan can help you live within your meansin this new stage of yourlife. Considering retirementoptions can be overwhelming so seeking help from financial planner can help easethat burden. Boomers Bankers Life is the marketing brand of Bankers Life and Casualty Company, Medicare Supplement insurance policies sold by Colonial Penn Life Insurance Companyand selectpoliciessold in New York by Bankers ConsecoLife Insurance Company(BCLIC). BCLICis authorized to sell insurance in New York.

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