It’s your hope that you never have to pay for long-term care, but from a planning perspective you should always assume that you will. This will ensure that you’re ready to take on any expense that comes your way.
Here are some interesting statistics from our website that may surprise you:
At age 65, you stand a 50 percent chance of needing LTC at some point prior to the end of your life. If you are still here at age 85, your odds of needing LTC will have increased to a 75 percent chance. If you do end up in LTC, the cost of that care may surprise you. As of 2016, the average cost of LTC nationwide was $80,000 per year. In New Jersey, however, that same care averaged $130,000 a year.
In other words, you’re taking a big risk if you neglect to plan for long-term care. With the odds stacked against you, it’s better to be safe than sorry.
The manner in which you pay for long-term care depends on a variety of factors, including your current and future financial circumstances. Some of your best options include:
- Long-term care insurance: If you have a policy, you can lean on it to pay for some or all of your care should the day come. And if you don’t have a policy, now may be the time to learn more about what it covers, the cost, and other related details.
- Medicaid: Not everyone qualifies for Medicaid, but if you do it’s a government program that you should definitely take advantage of. But don’t wait too long to learn more, as there’s a lot of paperwork to get through.
- Personal assets: It’s not the number one choice for most people, but it could come into play if you don’t have any other options available to you.
If you have questions about long-term care or concerns about how you’ll pay for it, contact us for professional guidance. We’ll make sure you have a plan in place you can trust.