Long Term Care … how to provide for.
It is often the case that we feel, should something happen to us where we need long-term care, we will “just stay at home”.
People generally feel that way because of one of two things:
- They don’t like the idea of convalescent hospitals with all of the negative connotations the word calls to mind, or
- They think it’s less expensive to stay at home.
It is true that some convalescent hospitals are less than desirable, it is also true that some do a very good job of providing a home while attending to special ongoing needs of their patients. They do a good job of giving people a reasonably good quality life. The cost is reasonable when compared to being in a hospital, but still would “break” all but the richest of people over time.
According to a study just released, the average cost is $203 per day, or $74,208 per year. This cost is going up at a somewhat alarming rate of about 4% per year. However, the cost of staying at home with 24-hour nursing care is about double this. State licensed home health aides average about $18.50 per hour. So this cost is over $400 per day.
This may surprise you: the study also concluded, from raw claims data, that
about 70% of all claims of one well-known insurer were paid out for home-health care.
Regardless of which option you choose, how does a person handle this type of expense?
The key is planning.
In my (nearly) 25 years of helping folks in this area, I’ve seen a lot of changes. I am here to help my clients determine, in a relatively simple process, which avenue open to them – longterm care insurance or some other source of funding – will best serve their needs.
Give me a call or send me an email and I’ll show you how to do this.
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[...] putting a final expense plan in place (and show you how to do this for a very low cost), I write on Long Term Care insurance and I write on annuities (I am very conservative in this area). Its because I want to help and I [...]