Understanding Long Term Care
To compound this problem, the cost of Long Term Care continues to rise as well. Consider these statistics:
$17,680: Median annual cost for adult day care (five days/week), 2016.
$43,539: Median annual cost for assisted-living facility, 2016.
$82,125: Median annual nursing-home cost, semiprivate room, 2016.
$92,378: Median annual nursing-home cost, private room, 2016.
Roughly 60% of all individuals will need Long Term Care sometime in their life. The problem is Medicare and traditional health insurance are designed to only deliver acute care – but many illnesses cannot be treated with this approach. Illnesses like Parkinsons, Alzheimers, and MS to name a few. Equally alarming is the fact that the incidence of non-acute illnesses is currently on the rise.
If you are like most people, you hear this information and think one of two things. The first is, I won’t be one of the 60%. My family history is good … I am never going to get a non-acute illness. Think about this: Do you have home owner’s insurance? The chances of using it are 1/1200. But the odds of needing LTC are 720/1200 or 3/4. Does it not make sense to protect yourself when you KNOW your health will change as you get older?
In this series of classes, expert Aaron Eisenach will review the importance of planning for your long term care needs. Watch his introductory video then sign in to watch the whole series and learn how to prepare for this life stage and protect your family from the stress and financial burden long term care can become.