Growing Older Can be Costly: Are Your Retirement Financials in Good Health?
Wednesday May 25th is National Senior Health and Fitness Day — the nation’s largest older adult health and wellness event. On this day, more than 100,000 seniors will participate in local health and wellness events across the country.
Older individuals benefit from physical activity in numerous ways. For example, staying active can help:
- Reduce fall risk
- Maintain healthy joints, muscles, flexibility and strength
- Control blood pressure
- Ease anxiety
- Increase the ability to live independently
In fact, a recent survey conducted by Reverse Mortgage Funding and Research America found that 96% of respondents will proactively make healthy lifestyle changes to keep declining health at bay for as long as possible. But should health needs require extra care, the survey of 1,000 Americans ages 55 and older also found that less than 15% of respondents have long-term care insurance.
Part of a healthy retirement is preparing for the unexpected
Sixty percent of Americans will need long-term care at some point in their lives. This includes a range of services and support — from driving to getting dressed to making meals, as well as health-related care. And many prefer assistance that allows them to remain at home.
Determining how much you might need depends largely on your plans for the future:
- How will you pay for out-of-pocket medical costs?
- Are you relying on family to provide care?
- Do you have long-term care insurance to supplement Medicare coverage?
For those without a hefty savings to fall back on, the costs can be overwhelming:
Home health aide. Professional home health aides are paid an average of $4,195 a month to visit a patient’s home each day to check vitals, administer medications and assist with the activities of daily living.
Adult foster care. Costs range from $1,500 to $3,500 per month. While supervision, meals and assistance with medications and bathing are provided, medical care is not.
Adult daycare. You can expect to pay approximately $1,560 a month, depending on location and amenities. Most centers offer meals, exercise, activities and transportation, and some also have services for the memory impaired.
The financial freedom to age in place
If long-term care plans include you or your family members remaining home, consider an option that can help you free up some funds, while staying put — a reverse mortgage loan. Available to older homeowners, a reverse mortgage allows you to tap into the equity you’ve built up in your home over the years. You *can access the funds as a lump sum, monthly payments or a line of credit that’s available if and when you need it to cover healthcare costs and so much more.
For information, or to schedule an in-person appointment with a local loan specialist, reach out to RMF today at (888) 277-1567. We look forward to helping you explore your financing options for a happier, healthier retirement.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.
* Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF’s Equity Elite loan provides a fixed-rate term payment option