The Real Costs of Long-Term Care: Understanding Your Family’s Financial Future
Numbers can be bewildering and cause ‘glaze over’. However, some numbers translate into real life situations. This is especially true when a family member suddenly is not safe to life alone. The affordability brings the numbers to life:
$6,300 a month to hire a home health aide to provide services 40 hours per week.
$7,500 for an assisted living center.
$12,500 for a semi-private room at a skilled nursing facility.
Consider that someone who needs long-term care uses these services for three years on average, and you can see how these numbers can quickly deplete a nest egg.
Long-term care insurance helps pay for things like senior living nursing homes or at-home care. Deciding when to buy can get tricky. If you buy early, however, while you’re still in relatively good health, your premiums will be lower. Wait too long, though, and you may be priced out of coverage or rejected altogether.
When considering long term care insurance, it is best to use the services of a Certified Long Term Care Insurance Specialist (CLTC) to better understand the real costs of long-term care. Schedule a call today to talk to an expert: www.calendly.com/jimbetter. Find more resources in our blog.