Strategies for Funding Long-Term Care without Depleting Assets.

Well, I know that you're such an expert in this area that we're going to discuss, like long-term care, for example.

The costs are rising, as you mentioned in the intro, faster than expected.

And this inflation rate of that particular care is higher than the national inflation rate.

Oh, much,

much higher.

I mean, when you're talking about almost 8% annually over the past five years, yeah, that's outpacing the regular inflation number by a mile.

Right.

So, yeah, that's something that needs to be taken into consideration when you're looking at these things and you're facing potential of needing that help.

So where, how do we make that happen?

Well, we need to fund that, of course.

And do you mind if I hit one more of those statistics?

Go

ahead.

2025, the national median of caregiving is $80,000, essentially.

And that's for 44 hours a week of non-medical caregiving.

So that's just somebody to be in the home with your person for kind of a regular work week.

So that's a lot of money that could be coming out of your pocket.

that's a lot of money and and there is ways to cover that cost and many people look at it as okay well i don't want to pay the insurance premiums and i'll just take my chances in that case what you're doing is you're self-insuring so the assets that you've accumulated over your lifetime the IRA accounts and all of the other savings that you've accumulated, those are the ones that are covering the potential risk.

So the question is, is that what you want? So you may be saving dollars on insurance premiums, but are you prepared to pay $80,000 a year for non-medical caregiving, just non-medical caregiving in your home? So that's something to ponder.

Well, that's a

lot.

Yeah, it is something to ponder.