Caregiving costs: What your family needs to know

Planning doesn't stop when you are retired. While you may stay healthy and live independently throughout your retirement, you could need help down the road from grown children or other family members. If so, would they be financially prepared?
Consider these statistics, taken from a recent AARP report:
What can you do now to help your loved ones avoid similar experiences?
You can start by addressing the potential need for long-term care. These expenses can be alarming: The average cost for a single room in a nursing home is now over $100,000 per year, according to Genworth, an insurance company. Medicare typically doesn’t cover these costs, so you may want to consider some type of long-term care protection.
You’ll also want to make sure your loved ones are aware of the big picture. Financial and legal issues may arise, along with the likely necessity of estate planning arrangements.
Here are a few tips for approaching the issue of caregiving:
The prospect of needing care is not easy – but through open communication and proper planning, you and your family can navigate the experience successfully.