No can predict the future, but if the need for long-term care should arise, how much would it cost – and how would your client pay? The Alzheimer’s Association estimated end-of-life care costs in 2016 were between $217,820 and $341,651.
Simply put, long-term care is expensive.
Common long-term care options & the average annual cost:
Nursing Home: Private Room
$102,930/year
3.1% average annual increase
Nursing Home: Semi-Private Room
$91,615/year
3.2% average annual increase
Assisted Living Facility
$47,064/year
2.1% average annual increase
Home Health Care Aide
$32,760/year
1.5% average annual increase
Adult Day Care
$20,540/year
1.5% average annual increase
Long-Term Care Insurance was designed to cover the costs of assisted living – giving the insured peace of mind that they will receive the care they deserve, without putting a financial burden on their loved ones.
And don’t let your clients make the mistake of believing Medicare will cover long-term care costs. It doesn’t. And while Medicaid, the government program designed for people who truly don’t have any money, will cover long-term care expenses, it should never be a first choice. Doctors all over the country are reducing the number of Medicaid patients they accept each year, making access to healthcare far more difficult for Medicaid recipients than those with private insurance.
Contact your LTC Associate today for additional information, options, and pricing.
*Costs can vary greatly depending upon what area of the country you live in. Please call for state availability.