The 'Couv'

The 'Couv'

Tuesday, May 24, 2016

Long Term Care, Ready?

I posted an article about this a couple of years back, but it still looms as a major concern for many of us. I read this interesting article in Motley Fool as well.

Originally posted August 28th, 2014

Long term care is an issue that faces nearly every American. Advances in medical science have resulted in an extension of our quality of life and health. This has also resulted in many more people living into their 80s and 90s. There comes a point where help with daily activities becomes a necessity.

Retirees should be prepared financially for this outcome. Long term care is very expensive and is not typically covered by traditional health care plans. Having a long term care need without adequately planning is usually financially devastating. The government will require that you be destitute before they pay for it. Who wants to rely on government care and be poverty stricken?

Insurance companies of course offer long term care products and these can be very expensive if then insured waits too long to purchase. Once a chronic condition exists getting private insurance may proving to be a daunting task. Having large amounts of cash in retirement accounts can be a great security blanket but long term care costs can easily run into the 6-7 thousand a month range. Funds become depleted quickly at that rate of consumption. Planning is critical. Consultations with professional financial planners is a wise idea.

Furthermore young retirees in their early 60s should consider proximity to long term care facilities and or services when relocating. I have spent a fair amount of time writing about neighborhoods and great places to retire to, but what about long term care?

Vancouver, WA is a big enough city that it has a virtual cornucopia of offerings in the long term care arena. Relocating to Vancouver provides retirees with the peace of mind that they will not have move far or even at all should they need assisted living or convalescent care.


Planning ahead makes for a much easier transition when the time comes for assistance. Often times couples find themselves with one in care and the other still at home. A short drive is always better than a long drive for visits. Above and beyond all the great reasons to relocate to Washington State, taxes, moderate weather, etc. proximity to these types of facilities should also be taken into consideration.

Vancouver proves again to be a very wise choice for retirees.