Long-term care may not be something you have thought about very much in recent years. After all, you and your spouse are in relatively good health. Whether you’re in your 40s, 50s, or 60s, you simply don’t think about extreme health emergencies or other situations that would lead you to even consider needing some type of long-term care.
However, if you’re not thinking about long-term care insurance, you could end up paying for long-term care out-of-pocket completely. Do you have any idea just how much money long-term care can cost?
It all depends on the type of care you’re discussing. Let’s talk about the most common types of senior care available. You may be in your 40s, but what if you’re involved in an automobile accident? What if you are seriously injured and it’s going to take several months or even years for recovery? You will need long-term care then, too.
The most affordable care option is home care. There are several different types of caregivers available, including visiting nurses, physical therapists, occupational therapists, and the most common type, which would be a home care aide.
Depending on how much care you needed every day, the cost of home care can range anywhere between just a few thousand dollars per year for two hours once a week to about $44,000 per year, on average nationally.
Nursing home care.
If you require nursing home care at any time in your life, the cost can be astronomical. The average cost of nursing home care in the United States is about $75,000, but it can be as high as $128,000 in places like Alaska. That can financially ruin any family within a year or two, at the most.
Living with family.
It may seem most cost-effective to move in with a family member, such as an adult child and his or her family, but that’s also going to cost money. If you need around-the-clock care, they will still have to hire home care support services.
The average cost for a year of assisted living in the United States is $55,000. However, many places may charge even more for various amenities and other benefits you might enjoy with this type of facility. Most assisted living facilities have a minimum age requirement of 55 or 65, depending on the facility itself.
As you can see, long-term care can financially devastate you and your family. This is why you should consider carrying long-term care insurance.
If you or a loved-one are considering Long-Term Care Insurance Cost in Encinitas CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
Latest posts by Steve Elliott (see all)
- How Much Could It Cost You to Pay for Long-Term Care Out-of-Pocket? - February 11, 2019
- Making Long-Term Care Insurance Part of Your Future Plans Means a Solid Health Care Focus - February 5, 2019
- Three Reasons It’s So Easy to Overlook the Value of Long-Term Care Insurance - January 28, 2019