The Time is Now: Preparing for the Costs of Aging

Did you know? The cost of care tends to increase as one ages due to a variety of factors, including the potential for declining health, increased medical needs, and a greater reliance on assistance for daily activities. 

There is a prevailing misunderstanding that older adults possess significant assets and are thus prepared to cover the costs of their care needs. However, the truth is that a substantial majority, a staggering 80%, currently face financial challenges or are at risk of encountering economic instability as they age.

 

Listen in for insights on how to prepare for the costs of aging, including potential care expenses, funding strategies and resources. Learn about the following:

• Myths about paying for care as one ages
• Potential expenses associated with aging that many may not consider
• A client story that underscores the importance of preparing for the costs of aging
• Funding strategies and options to consider to ensure older adults and the family caregivers are in the best position to meet care needs (e.g., Long-term care insurance, retirement savings, government assistance programs, and family support, etc.)
• Tips to start the conversation with older loved ones about their care wishes and paying for care
• Helpful resources for older adults and their family caregivers

To view resources, show notes and access more My Care Advisors episodes, visit mycareadvisors.com. We are grateful to be your guide.