2. Self-fund with savings
Next on our list of alternatives to long-term care is self-funding the insurance with your savings. If you have significant savings, then it’s probably more efficient and a better idea to fund a potential long-term care need with those funds rather than buying long-term care insurance.
While we can’t tell you exactly how much money you will need to self-fund long-term care, we’ll give you some various costs to better help your plan. According to the latest data, the national monthly medical costs are as follows:
- Adult daycare: $1,690
- Home health aide: $5,148
- Assisted-living facility: $4,500
Similar to other alternatives to long-term care, this one isn’t perfect, but is definitely better than nothing. By the way, here’s a book about long-term care you may want to read!
