Cost of Senior Living
Senior Living | 07/24/18
Did you know you have a 68 percent chance of needing some form of long-term care after age 65? According to the American Association for Long-Term Care Insurance, the number of people using paid, long-term care services in any setting (at home, assisted living, or skilled nursing facilities) will double from 13 million in 2000 to 27 million by 2050.
The truth is, long-term care is a topic that should be discussed and understood early, especially as you approach retirement age and your chances of needing some form of long-term care increase.
Long-term care insurance, (LTC insurance, LTCI or long-term health insurance), helps cover the cost of support and services you may need as you age, such as the following:
Keep in mind that Medicare only pays for a short-term stay in a skilled nursing facility after you have been hospitalized for at least three days. Then, it will pay for the next 20 days of care needed. That’s why long-term care insurance is different from traditional healthcare insurance, which typically does not cover the above services.
Now that you know there is a strong possibility you or a loved one may require some form of long-term care in the future, even if years away, it’s smart to start learning about your options now. That way if the time comes to choose long-term care insurance, you have an idea of what to expect.
It’s difficult to give an exact number for the cost of long-term care insurance because it varies from person to person depending on the following factors:
There are certainly pros and cons to long-term care insurance, and it’s not for everyone. Some may say it’s not as affordable as they’d hoped, but it’s worth looking into. If you find that doesn’t break the bank for yourself or a loved one, it may be a great way to tackle new costs from long-term care. And if that’s the case for you, look for a policy with a monthly premium at least 5 percent less than your monthly income – this is a smart strategy for choosing long-term care insurance, according to financial experts.
Those of us at The Atrium at Navesink Harbor understand how confusing and even overwhelming it is to learn about senior living costs and long-term care insurance. We will do our best to make the process seamless and stress-free. This is why we offer our Lifecare contract, to help protect your future and keep your finances predictable. If you have questions about our senior living options or would like more information, contact us today.