Every day 10,000 Baby Boomers turn 65 and not all are prepared for retirement, much less long-term care.
A 2017 study by the research organization the Rand Corp. found that 56 percent of Americans between 57 and 61 will spend time in a nursing home during their lifetime.
Chris Cowart, owner of Home Care Options in Pearland, said folks who sent their kids off to college and took care of their own parents, didn't prepare for their own health.
"Many of these are facing these nursing homes now. And, many of them are footing the bill because no one was prepared for the cost that happened," said Cowart.
He said people should be buying long-term care insurance when they’re between 28-40 years old, while it's still affordable, especially if there's a history of family disease.
"Let's say you're 65 now. You can't afford long-term care insurance. It's not worth it. The premiums would be $1,000 a month," said Cowart.
He said buying long-term care insurance is pointless if you're 65, or older because of outrageous premiums.
Some folks near retirement age are downsizing and selling their home to get the equity to buy an annuity to cover daily living not covered by health insurance...like living in a nursing home.
Cowart said you need to find an agent who sells long-term care insurance. It's a specialty item that not all agents sell. Also, talk to a financial advisor to see if the cost of buying long-term care insurance is worth the actual benefit.
• Wean your kids off the payroll
• Exploring your financial options
If you’re ready to start your planning: