Long Term Care; Part 2 – The Basics

Part 2 – The Basics

Long Term Care - The Basics

What are the costs of long term care services in (My State )?

  • The average private nursing home room stay in (state) costs $75,008 annually or $6,251 per month.5
  • The average base rate for an assisted living facility is $3,125 per month but can increase to over $5,000 per month when assistance is required.5
  • Agency-provided home health aides average $19 per hour with a 4-hour minimum charge. Skilled caregivers are considerably higher.5

At the historical rate costs have increased, just two years of long-term care beginning 20 years from now could cost $275,000 and over $370,000 if your extended care event begins in 30 years.

But I have Disability Insurance, Private Health Insurance / Medicare

Extended care services simply are not fully covered by any other type of insurance plan.   Disability Insurance doesn’t pay for your care, it only replaces a percentage of lost income.  Neither The Affordable Care Act6 nor private health insurance plans provide for long-term care costs.  And the U.S. government says, “Medicare does not pay for long-term care, so you may want to consider options for private insurance.”7

Bibliography

  1. 12th Annual Genworth Cost of Care Survey, 2015
  2. “Class Dismissed”, October 15, 2011, Wall Street Journal
  3. Social Security Administration form 7005-SM-SI

 

Part 1- Long Term Care,  The Basics

Part 3 – Long Term Care, The Basics

Part 4 – Long Term Care, The Basics

Part 5 – Long Term Care, The Basics

LINKS ABOUT BUYING LONG TERM CARE INSURANCE

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