Have You and Your Family Discussed Long-Term Care?
Many people believe that a long-term care event will not happen to them.
If you're in good health, active, and relatively young, you may think you don't need to plan for potential long-term care. But have you thought about what a long-term care event could do to your family and your finances?
People today are living longer, but not necessarily in the best of health. While medical advances have helped increase life expectancy, we still must face the realities of aging.
One of these realities is the need for assistance with daily activities. Long-term care refers to the assistance required when a person is unable to perform everyday tasks due to illness, an accident, cognitive problems, or the frailties of old age.
Consider a few facts about long-term care:
- Medicare doesn't cover most long-term care expenses.
- Medicaid only covers nursing home care once a person has depleted his or her own assets to poverty levels.
- The nationwide average cost for a private room in an assisted living facility is $3,185 per month.*
- The nationwide average cost for a private room in a nursing home is more than $75,000 per year.*
- Care at home can range from $30,000 to more than $100,000 per year, depending on the geographic location and the level of care needed.
*According to the Genworth 2010 Cost of Care Survey