Many baby boomers may be considering moving to an independent living facility or other senior housing at some point during their retirement. However, the best way to plan for this exciting chapter is to start saving now, according to TCPalm.com.
In fact, the National Clearinghouse for Long-Term Care Information expects that 70 percent of boomers will require senior housing.
This emphasizes the need for older adults to plan for this as soon as possible.
"The double-edged sword is: yes, great, baby boomers are breathing a sigh of relief when they qualify for Medicare," Jesse Slome, executive director of the American Association for Long-Term Care Insurance, told the news provider. "But what will wipe them out is long-term care costs, which are not covered by Medicare."
Consequently, baby boomers may want to consider long-term care insurance, which is one of the best ways to make sure one can afford a retirement community.
ElderLawAnswers.com recommends that individuals should also ask about what will trigger the insurance plan's coverage and also determine what will actually be covered. Beneficiaries should also be wary of possible inflation costs.