At least 70% of American adults will need long-term care services and support sometime in their lifetime.* How will you plan to pay?
Reasons to Save: Median Costs are Rising*
- Private Nursing Home Room: $87,600
- Assisted Living Facility: $42,000
- Home Health Aide Services: $45,188
Income often falls short of expenses. $31,742 is the average income for people age 65+.**
How to Pay: Plan Ahead to Lessen the Negative Impact*
- Out-of-Pocket: Costs vary greatly by state-around $8,000 per year to upwards of $100,000 per year; start saving early.
- Medicare & Medicaid: Benefits may be available for home healthcare, but only if certain conditions are met. Don’t assume you’ll be covered.
- Insurance: Helps pay for care and protects assets up to the amount of your policy. Evaluate coverage options before you need it.
It’s never too early to start planning for your tomorrow, today. Contact your financial advisor to help you prepare.
Sources:
*Genworth Cost of Care Survey 2014
** AARP Analysis of Census Data
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