Costs of Long Term Care
As the Baby Boom generation ages, pressure on the long term care system and public financing (Medicaid and Medicare) is increasing. This reality is driving the ever growing need for private funds to pay for expensive care options.
Most people do not plan for Long Term Care until it is too late:
- 13% actively plan for how they will live as they grow older and frailer
- 40% first begin to actively plan following a "near catastrophic" health event
- 47% must make long term care decisions in a very short period of time, usually while in the hospital
- 75% exhaust all of their savings and assets while still alive trying to pay for Long Term Care
Most people do not understand the costs of Long Term Care and how to pay:
- 8% correctly estimate the monthly cost of a nursing home.
- 23% correctly estimate the monthly cost of an assisted living facility.
- 45% incorrectly believe "Medigap" covers assisted living costs.
- 52% incorrectly believe Medicare covers assisted living costs.
- 59% incorrectly think Medicare will pay for extended nursing home stay.
Are you prepared to cover the costs of retirement and Long Term Care for you or your loved ones—potentially for many years to come?
A 65 year old couple will need to have saved $300,000 to cover health care costs for 15-20 years ($500,000 if they live into their nineties). This does not take into account the added costs of Independent and Assisted Living Communities, Home Healthcare, and Skilled Nursing Homes which according to MSN Money.com (3/29/2008) are considered "staggering". In fact, as many as 75% of people run out of all personal savings in the first year of paying for Long Term Residential and Home Healthcare services.
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