Long Term Care Facts
Did you know that …
At least 70% of people over 65 will need long-term care services and support at some point in their lives.
About 68% of nursing home residents and 72% of assisted living residents are women.
The national median daily rate in 2014 for a private room in a nursing home was $240, an increase of 4.35% from 2013.
The average length of a nursing home stay is 835 days—or more than two years. 10,000 baby boomers turn 65 each and every day. If you combine that with the fact that every 68 seconds someone is diagnosed the Alzheimer's in this country. You have a collision course just waiting to happen. It explains why so many governments are broke across the country. Right now most people don't have insurance and they privately pay. They use their own money and at $8,000 a month you can go through this in a hurry.
At a median daily rate of $240, an average nursing home stay of 835 days currently costs over $200,000, making it virtually unaffordable for many Americans.
(The average hotel room is just $121/day!)
Medicare does not pay for long-term care services, as explained by the Social Security Administration: “Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors’ fees, drugs, and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more.
Medicare does not pay for long-term care, so you may want to consider options for private insurance or Long Term Care Strategies. (emphasis added).”
Without proper planning, a serious accident or illness could rob you of your financial independence. Whether purchased for yourself, your spouse or for an aging parent, long-term care insurance or strategies can help protect assets accumulated over a lifetime from the ravages of long-term care costs.
We can help you with strategies so you don't have to worry about going broke in a nursing home.