Considering Long Term Care Options
Posted by Preferred Benefits on July 8, 2008
Research shows the cost of long term care in America has jumped about 25 percent since 2004. Many people prefer to care for loved ones in the home rather than a nursing home or assisted living situation, but no matter the method of care, the cost is great.
According to the Genworth Financial research findings, the expense of even just a few years in a long term care facility or the home can wipe out a family’s savings.
The average yearly costs for long term care among the main three options are as follows:
Nursing Home — $76,460 annually or $209 per day for a private room
Assisted Living Facility — $36,090 for a private, one-bedroom unit
Home Care – $43,884 per year (based on 44 hours per week of care at the average rate for a home health aide)
Nursing homes remain the most expensive option for long term care, and the average costs have risen 17 percent since 2004. Assisted living facilities have increased their rates by about 25 percent since 2004, while rates for certified home health aides have only risen by about four percent.
Of course the level of care if often dictated by the individual’s health and the extent of their needs. With the cost of healthcare continuing to increase across the board, individuals and families need to plan ahead for the cost of long term care.
At Preferred Benefits LLC we can help you explore your options for long term care insurance – either for yourself or a loved one. We can also help you do a realistic assessment of your current insurance portfolio. We can make suggestions that may save you money and in other cases even expand your coverage for the money you are currently spending. Such an assessment should be done annually.
Please contact us for a FREE assessment of your insurance portfolio. This personalized customer service is a cornerstone of our business. We look forward to being of service to you.
TOLL-FREE 877-302-5810
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