What does the phrase “long-term care” mean to you? Do you understand how it could impact you or a loved one in the future? Do you have a plan in place for protecting yourself to the best of your ability?
There are many details associated with long-term care, but when it comes to planning these three deserve your immediate attention.
It Comes in Many Forms
There’s more than one type of long-term care. For example, nursing homes, assisted living facilities, and in-home care are among the most common. These vary in a number of ways, so it’s important to understand the finer details.
Tip: If you or a loved one requires long-term care, take guidance from your medical team as to which type is best.
It’s Expensive
No matter the type of long-term care or where you live, it’s expensive. And that’s why you need to plan as far in advance as possible. Here’s an eye-opening excerpt from U.S. News & World Report:
The national annual median cost of care now ranges from nearly $106,000 for a private room in a nursing home to $19,240 for adult day health care services (based on five days per week per year). A semi-private room ran $7,756 a month, or $93,075 per year.
So, if you don’t have a long-term care plan in place, your assets are at risk.
Don’t Rely on Medicare
Don’t confuse Medicare with Medicaid. Medicare will cover some of your long-term care expenses, but you can’t expect this government program to provide you with everything you need.
Medicare covers up to 100 days of care in a skilled nursing facility each benefit period. After that, you’re on the hook for payment.
Do you have questions or concerns about long-term care planning? Contact us for professional guidance and to create a plan that suits you and your family.
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