The latest research indicates that nearly 70% of Americans turning 65 will need long term care at some point in their lives. This means, of course, that many families are not only dealing with the emotional transitions that need to be made, but also the financial implications of finding the right skilled nursing facilities and or long term care facilities.
Finding a way to deal with financial challenges of aging can be struggle for many families. Facing poor financial decisions from the past, many aging Americans face significant MONEY PROBLEMS when it comes to finding an affordable skilled nursing facility or long term care option. Often turning to their adult children for advice, money, or guidance, end of life care decisions become even more complicated when parents worry about becoming a burden to their children.
- Missing monthly payments on credit cards can lead to substantial problems.
- One of the biggest challenges that many families face to today is finding a way to get ahead of the growing debt that so many carry.
- No one can make any progress in eliminating debt if more money is spent than is earned.
- Every consumer who carries a large amount of debt needs to have a strategy to try to eliminate this burden. From paying off the credit cards with the highest interest rates first to tackling those cards with the lowest balance first, there are approaches that can help families make progress.
- You may or not realize that the world’s population of people aged 60 and over is expected to double between the years 2015 and 2050. This jump from 12% to 22% will require an expanded menu of long term care facilities and the financing that is required to cover these services.
- Paying careful attention to a credit score can help remind you the consequences of missing credit card payments. And while it can be stressful to see the consequences, it is important to remember the reason to control today’s spending until yesterday’s bills are paid off.
- Reflecting on the best ways to make sure that you can stay within a budget is an important first step in making sure that you can control your spending from this day forward.
- Obviously, it is important to make sure that any credit card purchases you make include payment plans that you can afford. High interest credit card debt is a problem that causes many families to face years of stress and struggle.
- By making only the minimum payments on high interest credit cards you can find yourself in a downward spiral that can lead to other financial problems.
- Lending institutions are not all the same, so it is important to make sure that you are working with a reputable provider who can help you achieve the financial goals that you have.
- Every time you swipe a payment card it is important to remember that you are spending real money that you will be held accountable for. Too often, consumers do not think of plastic as real money and find themselves facing serious consequences as a result.
- Many parts of the country have more options than others, but the latest statistics from the American Health Care Association indicate that there are 15,655 skilled nursing care centers in the U.S.
- Statistics show that as many as 52% of people turning age 65 who will need some type of long term care services in their lifetimes.
Whether or not financing is a problem, you will likely have to face a decision about long term care for yourself, a spouse, or a loved one at some time. Many professionals recommend that these conversations are best had sooner rather than later.