Understanding The Expense of Long-Term Care
With our increased life expectancy comes increased expenses. One large expense can be from a long-term care facility. Although you may be saving for your retirement years, have you thought about the expense of long-term care should you or your spouse require it?
Home Care or Care in a Facility Cost Thousands
According to a Genworth annual study ofthe issues and expense oflong-term care, “the median cost ofcare now ranges from $18,720 for adult day care services to $100,375 for a private room in a nursinghome. Between 2017 and 2018 assisted living facilities increased costs by 6.67%, followed by a semi-private room in a nursing home at 4.11%.” If you or your spouse needed care, would your lifestyle beimpacted? These costs are not covered by Medicare.
How Long-Term Care Insurance Helps
If you’re looking at the ever increasing expense of long-term care and think that you can cover it with your pension or savings, remember that’s just for one person. How will your spouse afford to live if all your income and savings go to your care in a facility? What will you do if you’re both in need of long-term care? A couple aged 65 or older in retirement will spend, on average, $250,000 in their retirement years.
One of the most often cited benefits is that your children can continue working rather than providingyouwitharound-the-clock care,reducing their stress physically, emotionallyand financially. Whetheryou need basic assistance in your home with household tasks like cooking or light housekeeping or morepersonalized assistance with medications, bathing and dressing, your policy can cover those costs.
When more substantial help is needed, LTC policies cover your stay in a nursing or assisted living facility as well as adult day care. Most plans cover respite care and hospice services for end-of-life assistance.Although every policy differs slightly in what it covers, we can find a policy that works for you and your family.
Advantage Group Can Help
As we talk withour clients about the expense oflong-term-care,we find that most are ill prepared forneeding regular in-home care, let alone a stay in a facility. Families realizethatthe cost oflong-termcare services isfar more than they ever imagined or planned which can leave their loved ones footingthe bill.Our mission is to help people who may need care in the future to age on their own terms andlive their lives the way theyhad planned and hoped.
We strongly advocate for people at all stages of life to begin planning now for the very real possibility of needing care as they grow older.If you’re interested in learning more about how we can help you and your family, call (727) 796-9660 to schedule your appointment
