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%
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