Paying for Long-Term Care Can Come With A Hefty Price Tag!
For many retirees, “long-term care” is generally associated with a nursing home. And as we age, we’re more likely to need long-term care. You might be surprised to discover that only 3% of Americans have a fully funded plan for long-term care expenses.
And the costs of paying for long-term care can be enough to break anyone’s budget. According to experts, the median price of staying in a semiprivate room at a nursing facility is $93,000 per year.
Having a home health aide help with activities of daily living, including bathing, eating, and getting dressed, has an average price tag of about $55,000 per year. A trendy bit of advice is to buy long-term care insurance in your 40s.
This way, you can get it when it’s more affordable and before you have health conditions that could render you uninsurable. But what happens when you’re diagnosed with an unexpected illness at an early age before you can get long-term care insurance?
Of course, knowing you have to start and knowing where to start with long-term care planning can be different.
Knowledge is power, as we know, so it pays to understand the basics of paying for long-term care and what it can mean for your future planning. Click “Next” to continue reading about 6 ways to do it!