Long-Term Care costs can deplete a retirement nest egg very quickly. Should you consider Long-Term Care Insurance?
The cost of assisted living facilities and at-home-care services continue to rise. You may want to consider planning ahead for these potential expenses as Medicaid, Medicare, and typical health insurance policies may not cover all of your Long-Term Care needs. Medicare typically covers short stays (your first 2-3 weeks) at nursing homes or very limited amounts of at-home health care with skilled nurses and rehab. Medicaid can provide help, but that typically does not kick in until after you’ve exhausted most of your savings and liquid assets.
*In the United States, the average private room in a nursing home is $8,365 per month or $275 per day. The average cost of a semi-private room is $7,441 per month and $245 per day. Annually, a semi-private room costs an average of $89,297 and a private room costs an average of $100,375 in the U.S.
*The Washington DC area is slightly above the national average. The median monthly cost of a private room in a nursing home in Virginia is around $8,517, and the monthly cost of a semi-private room is $7,452 per month. In Maryland, the average monthly cost of a private room is around $9,673 and the average monthly cost of a semi-private room is $9,231.
(*Source: World Population Review, 2021)
And…don’t forget about inflation. The cost of nursing homes and assisted living facilities have been increasing every year, and unfortunately the trend is expected to continue for the foreseeable future.
In addition to protecting your assets & savings, a Long-Term Care policy also provides you with the opportunity for more care choices and better quality of care. We work with the top carriers providing LTC insurance, and we will assess your situation to see if a Long-Term Care policy is right for you.
Considering long-term care costs is a very important aspect of any long-range financial plan, especially when you get into your 50’s. Waiting until you need care to buy LTC coverage is not really an option! You likely would not qualify for long-term care insurance with a pre-existing debilitating condition, so most people buy long-term care insurance while they are in good health and in their 50s to mid-60s.
ALTERNATIVES TO LONG TERM CARE POLICIES
Not everyone is a candidate for a Long-Term Care policy. Maybe it is too expensive, or you have health concerns that could disqualify you or drive up your premiums beyond your means. There are alternative solutions to consider if you plan ahead for it. Before you purchase a LTC policy, we’ll explore all of your options to put you in the best possible situation for you and your family.
BGK Financial can help evaluate your situation to see if Long-Term Care coverage or alternatives make sense for your particular situation. Unique Needs. Unique Solutions.
BGK Financial
Bruce Kaserman
2500 Lakevale Drive Vienn, VA 22181
(703) 242-3659
Web Site by Steve Kastell, KastellSystems.com, (732) 513-8525
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