Part 2 – 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
- 12th Annual Genworth Cost of Care Survey, 2015
- “Class Dismissed”, October 15, 2011, Wall Street Journal
- Social Security Administration form 7005-SM-SI
LINKS ABOUT BUYING LONG TERM CARE INSURANCE
- FAQ’s for Buying Long Term Care Insurance
- Why Do I Need A Long Term Care Insurance Policy?
- Buy Young
- Hybrid vs Traditional Long Term Care Policies
- How Do I Pick A Long Term Care Insurance Carrier?
- Consequences Ahead
- It Ain’t Your Grandma’s Medicaid
- Affordable Health Care Act vs Long Term Care Insurance
- Federal Veteran Benefits for Long Term Care
- State VA Benefits for Long Term Care
- Glossary of Terms for Long Term Care