Making a sound decision about long term care involves weighing the probabilities. The cost of long term care are staggering. Insuring for this risk gives you the peace of mind that your nest egg won’t be wiped out to pay for your care. It’s also a way to ensure that you will not become a burden to your family members. Here’s some facts to consider:
- At least 70% of people over 65 will require some long term care services at some point
- The median cost of a private nursing home room is $74,208
- There’s a 68% probability that people over 65 will become disabled in at least two activities of daily living or being cognitively impaired
- The average cost of having a licensed home health care in your home for 8 hours a day – $41,600
- 67% if people who planned to have someone help with care haven’t asked
- 6 out of 10 caregivers are unprepared to handle the tasks of caregiving and 1 in 5 work 40 hours a week or more
- the average cost of an assisted living facility is $41,000
Long term care insurance allows an individual control over where and how to receive care. Medicare (Tenncare) only provides after the individual meets eligibility requirements, including significant restrictions on income and assets. Give us a call with any questions. We’ll be glad to prepare a plan based on your needs.
Recent Posts
