Today, a senior age 65+ has about a 1 in 4 chance in spending some time in a nursing home. About 10% of the population over age 65 currently resides in a skilled nursing facility, assisted living or board and care / residential care for the elderly (RCFE) facility. Over 50% of seniors over age 95 today are in nursing homes. And an even great percent of the senior population is receiving some kind of care giving in their homes.
With the senior population expecting to double in size between 2012 and 2050 to over 83 million, the demand for care giving services will become even greater. Seniors can expect to spend from $1,000 per month to in excess of $10,000 monthly for care giving at home or in a facility. Contrary to popular belief, Medicare pays very little of the cost of care giving or long term care assistance.
How will seniors be able to privately pay for the soaring costs of long term care? On Wednesday, May 16 from noon to 1:00 pm, Riverside Certified Elder Law Attorney Dennis M. Sandoval and Certified Financial Planner Randy K. Barkley will host a webinar on Options to Privately Pay for Caregivers and Other Long Term Care Costs. During the webinar, Mr. Barkley will be discussing financial strategies to plan for payment of long term care costs — such as long term care insurance, long term care life insurance options and life insurance with long term care rider options, annuities with long term care benefits, reverse mortgages and other alternatives. Mr. Sandoval will give a short overview of elder law and how it fits into the long term care planning picture.
Randy is a Certified Financial Planner in Riverside. Dennis is a Certified Elder Law Attorney and estatelong planning lawyer with his office in Riverside. The webinar will air from noon to 1:00 pm on Wednesday, May 16. You can register here or by call 951-787-7711 to listen to this FREE educational webinar. No products or services will be sold during the webinar. If you can’t listen live, call the Law Firm of Dennis M. Sandoval, a Professional Law Corporation at 951-787-7711 to receive instructions on how to listen to a recording of the webinar.