What do you do about long term care costs?
Even people that have large financial asessts do not feel comfortable investing $300,000 annually on Long term care insurance. So how will you plan for your future? The question a lot of middle aged people will eventually have to answer. The best way to take care of the possibility of you needing some type of LTC in your life is to plan ahead and allow yourself to become familiar with all the facts. Knowledge is power.
If you are on the fence or not sure if you will ever need Long-Term Care insurance I’ve listed some important LTC statistics below by AARP.
USAGE OF LTC:
52%: Percentage of people turning age 65 who will need some type of long-term care services in their lifetimes.
47%: Estimated percentage of men 65 and older who will need long-term care during their lifetimes.
58%: Estimated percentage of women 65 and older who will need long-term care during their lifetimes.
2.5 years: Average number of years women will need long-term care.
1.5 years: Average number of years men will need long-term care.
PAYING FOR LONG-TERM CARE:
57.5%: Percentage of individuals turning 65 will spend less than $25,000 on long-term care during their lifetimes.
15.2%: Percentage of individuals turning 65 will spend more than $250,000 on long-term care during their lifetimes.
$341,840: Estimated lifetime cost of care for someone with dementia.
$18,200: Median annual cost for adult day care (five days/week).
$45,000: Median annual cost for assisted-living facility.
$85,775: Median annual nursing-home cost, semiprivate room.
$97,455: Median annual nursing-home cost, private room.
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