Self-pay

This option for long-term care is easy to set up and flexible because the funds can be used however you wish, whether you’re paying for long-term care or anything else. Unfortunately, it requires the most finances because there’s no influence from an insurance contract.

There’s also the chance that your investment or asset suffers a loss in market value at the time you need to pay for long-term care. And due to higher labor costs and stricter laws, expenses have and will continue to rise.

Even though care received at home is more budget-friendly than in a nursing home, you can’t anticipate future needs.

To give you a better idea of how it all breaks down, a survey conducted in June 2017 revealed how much the national average increased for the following services:

• Private room nursing home care: is up by 5.50%
• Assisted living facilities: is up by 3.36%
• Home health aide services: is up by 6.17%
• Adult day health care services: is up by 2.94%
• Homemaker services: is up by 4.75%
• Semi-private room nursing home care: is up by 4.44%