A recent SmartMoney article summarizes the results of a recent study into the costs of 
long-term care. The results may shock you. The cost of long-term care services are rising dramatically and are expected to continue to do so as demand grows and the population ages and, thanks to advances in medical technology, lives longer and longer. Long-term care, however, is still a little-known and little-understood area for many Americans. So, it’s important to understand what it is, how it’s paid for and what options are available to you and your family to cover these costs.
Long-term care is care related to the necessities or basics of daily living such as bathing, getting around, getting in and out of bed, eating and other essential activities. This form of care is NOT covered by Medicare or regular health insurance, nor by Medicaid, unless you qualify which means you’ll have to spend down your savings and assets. In other words, all you’ve worked so hard to achieve in your working life will go to pay for the high costs of long-term care services to insure that you live out your retirement years getting the care you need, with dignity.
The answer for most Americans is simple: get a Long Term Care Insurance policy that will pay for or assist in paying for the costs associated with long-term care services. But, you man think, how expensive can long-term care really be? Surely, I can pay for it myself out of savings. Think again. Consider these numbers.
The recent study done into the costs of long-term care revealed the following:
- Average hourly rate for home-health care is $20.65 or $23.98, depending on whether the aide is certified
- Average cost of a single room in an assisted-living facility is $3,372 and for a double room $2,592
- Average cost of a private nursing home room is $246 per day or $89,812 per year and the average length of stay in a nursing home is 2.4 years producing a grand total of nearly $250,000 on average
And, assistance with these costs can only be gotten via a Long Term Care Insurance policy as, again, Medicare and regular health insurance won’t help. And, the numbers above will probably give pause to any sensible person. Would you be able to pay for a nursing home or assisted-living facility out-of-pocket? What if you or your spouse or one of your parents needed to stay in a nursing home for 5 or more years, which could cost as much as $500,000 or more? The answer for most of us is a no.
So, after the reality of the figures above settles in, and you are ready to make a move toward purchasing a Long Term Care Insurance policy, contact us here at LTC Tree. We’ve helped tens of thousands of Americans find a policy that is right for them and their budget and financial status. We can go over the options with you and make sure that you get just the right amount of coverage and protection you and your family need. We’re experts in Long Term Care Insurance with more than 15 years of experience and are the #1 “virtual” nationwide long-term care brokerage.
Regardless of your age or financial status, LTC Tree can help you find a plan that is right for you. Simply fill out our request form, and we’ll glad to talk you through the various plans and options. Thank you for reading today's blog. We really appreciate it.
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