Many St. Paul residents work very hard for their entire life to provide for their families. It can take decades of work to build a person's wealth and achieve a certain standard of living. Unfortunately, without proper planning, the assets a person has accumulated over these decades can disappear quickly when individuals do not cover the rising costs of long-term care.
Minnesota residents do their best to plan for the future and save for retirement. Yet, individuals must often rely on government-funded programs in order to cover the ever-growing costs of long-term care.
Another summer has come to an end for St. Paul residents. For many, this means the lake cabin has now been closed up for the year, after another fun-filled season that seems to always go by too quickly.
Minnesota residents differ in their ability to tolerate risk. However, even those who might consider themselves able to tolerate risk would probably agree they do not consider it wise to gamble with their personal life. Yet, whether they realize it or not, this is precisely what many individuals are doing when it comes to long term care planning.
While every Minnesota resident hopes for the best, nobody can predict the future. Unfortunate events occur from time to time, with little or no advance warning. While it may not be possible to avoid these incidents, a little bit of planning can go a long way toward dealing with these incidents when they happen.
As members of generations continue to live longer, it is becoming more likely senior citizens will need some type of long-term care. In fact, the U.S. Department of Health and Human Services found about 70 percent of those who reach age 65 will need some form of long-term care, lasting an average of three years. And this medical care can be expensive.