By the year 2030, the number of people over the age of 65 will double and the number of people over 85 will triple!  As we live longer, we must also prepare to live better.  Already, 8.8 million Americans over the age of 65 receive long term care of some kind. Over one million people live in nursing homes, and over seven million people receive home health care.  Two of five people who receive long-term care are younger than age 65 and that number keeps on increasing with the baby boomers.


So how does one plan for long term care needs?  The key is to become educated.  Long term care includes services to people struggling with chronic physical illnesses, various disabilities, and cognitive impairments, such as Alzheimer’s disease or dementia.  Long term care insurance is an option to help cover costs of a residential facility such as a nursing home or assisted living community.  It may also help pay for care in one’s home. Long term care insurance can also pay for adult day care, hospice care, respite care, or home modifications following an accident or other trauma. 


It is important to review your needs with your attorney and/or your accountant prior to purchasing long term care insurance. It is not for everyone!


Long Term Care Costs

The average cost of nursing home care in Pennsylvania currently is $300.00-$350.00 per day, which amounts to way over $100,000.00 each year.  You may wish to contact three nursing home facilities in your area to ask what the semi-private room daily cost is, and then average those three numbers to obtain a realistic rate for your area.  Home health care currently costs about $25.00 per hour.  A registered nurse charges more per hour and may be needed various times per week, depending upon each situation. Another option for your care would be an assisted living facility/personal care homes. In the metro Philadelphia are, the average rate is about $200.00-$250.00 per day. The costs will vary from state to state and also within Pennsylvania.  The cost of your care may be a factor in determining the cost of your projected long term care needs.


Suggestions

Although you may be reluctant to do so, it is important to be candid with your agent about your financial situation.  That information will help your agent advise you and assist you in choosing a plan that is best for you and your family.

Always provide your siblings, children, attorney and/or accountant with copies of your policy. 





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