Planning for Long Term Care

Growing older typically brings up worries about our health and wellbeing. The AARP states by the time a person is 65 years of age, there is a fifty-fifty chance they may need long-term care sometime in their future. The Administration for Community Living, a division of the U.S. Department of Health and Human Services, reported in 2020 that women 65 years or older typically needed care for an average of 3.7 years, and men for 2.2 years. Moreover, while the cost of such care varies depending on need, experts say in today’s dollars it can average around $140,000 annually. 

As none of us know what the future holds, we can end up worrying about disease and/or disabilities, which would make it difficult to care for ourselves as well as worrying about not having the funds to pay for the care. In addition, as people are living longer, retirees’ savings may not stretch as far. One way to alleviate your fears and give you peace of mind is to talk to a financial adviser to see if you should have long-term care (LTC) insurance or a hybrid plan like whole life insurance, which allows you to draw from for long-term care.


LTC insurance policies cover many of the expenses regular health insurance does not such as care at home, a nursing home or an assisted living community. It helps pay for day-to-day care services not covered by Medicare or Medicaid including bathing, dressing or getting in and out of bed.


For assisted living Colorado Springs seniors can count on, we encourage you to consider MorningStar at Mountain Shadows, the perfect community to comfortably and safely age in place.  While we work hard to make our community affordable, we also help potential residents to find creative ways to help pay for senior living. When you visit our website, please take a look at our Affordability guide found under “First Steps” to learn more about paying for assisted living. Also remember we are ready to answer any of your questions and direct you to any untapped resources.  


We proudly provide the very best in senior living with our unique mission statement of “to honor, to serve, to invest.” With a foundation built on honoring God, valuing all seniors and selecting staff with a felt calling to serve, we create a true home for residents amid a beautiful setting. If you are looking for exceptional memory care or assisted living, Colorado Springs’ MorningStar at Mountain Shadows may be your answer.


 Source: aarp.org/caregiving/financial-legal/info-2018/long-term-care-insurance-fd.html

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