Central Florida baby boomers – those between the ages of 49 and 67 – and even older, senior adults, face the question of whether or not to purchase a long term care insurance policy.
Less than 20% of older adults have such a policy, a number that means many older people in Florida could spend long years living in less-than-ideal situations.
A very real possibility is that those without long term care insurance could be forced to spend down all of their assets before qualifying for Medicare. According to the National Clearinghouse for Long-Term Care Information, about 70% of people over age 65 require some type of long-term care in their lifetime.
That means your house, savings, and all assets liquidated in order to pay for any assisted housing needs that may arise.
Here are some basic facts that explain long term care insurance. I thought the infographics do a fine job of explaining more numbers:
And here's another
If you're an Orlando-area adult 55+ or the family caregiver of an older senior adult, Lisa and I - The Estate Conversions Team - are specifically trained as Certified Senior Housing Professionals. That means we do far more than simply help people buy or sell a house in Orlando. Feel free to contact us anytime for information and advice on preparing for your future as it pertains to real estate, senior housing, and any other issues that involve a late-in-life move for those 55+.
If we don't know the answer or can't help specifically, we'll refer you to other resources, organizations, or professionals who can be of service. Find us here or fill out the form to the right of this page.
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