Do you have any clue how much long-term care costs right now? In other words, if you or your spouse, or another dependent, possibly even an aging parent, required long-term care, how much would that be? If you don’t know, then you might not truly be capable of valuing long-term care insurance.
Let’s get an overview of the cost of long-term care.
Currently in the United States, nursing home care can cost anywhere between $65,000 per year to well over $115,000 per year, depending on where you live. In Arkansas, for example, it might be around $65,000. In Alaska, $115,000 per year might be closer to reality. All in all, the average cost of nursing home care in the United States, as of 2018, is approximately $85,000. It is only going up, and fast.
For assisted living, the average cost can be anywhere from $55,000 annually and up. A full-time home care aide, on the other hand, may cost $42,000 per year.
How could you pay for this right now?
Keep in mind that the average duration for long-term care is about three years. When you do the calculation, you’re talking about $255,000 for nursing home care, $165,000 for a basic assisted living stay, and $126,000 for full-time home care.
How do those numbers sit with you?
You may be looking at this and thinking, “That’s just about my entire retirement savings right now.” If so, you’re not alone. In fact, far too many Americans simply don’t think about the risk of having to pay for any type of long-term care out-of-pocket.
“But I’m only in my 50’s.” you may be thinking. “Why would I even need long-term care?”
You may not need any type of short or long-term care in the next year, five years, or 10 years. Then again, no one can predict the future, so no one can truly say it won’t be necessary. You could be involved in a car accident that was not your fault in the least and there was no way you could possibly avoid it. You could have a medical emergency, even though you had a clean bill of health recently.
A stroke, injuries sustained in a slip and fall accident down the steps, an automobile accident, a heart attack, aneurysm, cancer, and so much more are all reasonable tragedies that can strike at any time. If you don’t like the numbers and recognize they could financially devastate you, it’s time to sit down with a licensed and experienced agent to talk about long-term care insurance.
If you or a loved-one are considering Long-Term Care Insurance in Rancho Bernardo 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