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Financial expertsoffered some tips.
These options can significantly reduce out-of-pocket costs down the road, she said.
However, these solutions are really only going to be sensible if theyre implemented earlier.
Waiting until care is imminent or health issues arise can make these solutions unaffordable or unavailable, she warned.
Their parents financial planning, or lack thereof, may impact our clients success more than their own planning.
He recommended outlining what you will and will not do to care for your parents.
For example, my wife and I have decided that no one lives with us.
We will support our parents in other ways.
Men will spend around 2.2 years in care, and women 3.7 years on average.
These numbers jump considerably when you are talking about care for Alzheimers or similar cognitive decline.
Dont Count On Medicare
Also remember that Medicare does not pay formost long-term care, Zigmont said.
Medicaid (state based) may pay for in-home care, however.
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