More than half of Americans turning 65 today will need some type of long-term care.
We're living longer and the care needs are greater and more expensive. The challenge for most people is making sure they can afford the long-term care needed. That's where proactive Long-Term Care Planning can help.
By creating a long-term care strategy now, you can face your retirement years feeling secure and confident, knowing that your assets will be protected from costly care events.
Long-Term Care Planning benefits:
LONG TERM CARE - BY THE NUMBERS
It's impossible to predict your chances of needing long-term care, or how long you may need it. And since cost of care can be expensive, it's important to understand the financial impact a few years of long-term care can have.
$102,200 The national annual median cost of care for a private room in a nursing home.
$300,000+ Cost of three years of assisted living plus two years of nursing home care.
Semiprivate room* $7,756 per month
Private room* $8,821 per month
Semiprivate room* $10,423 per month
Private room* $11,855 per month
Semiprivate room* $14,008 per month
Private room* $15,932 per month
Many people believe that programs like Medicare and Medicaid will automatically pay all of their long-term care needs. While these programs do pay for some long-term care services, they may not cover the majority of your costs.
In Illinois, you have to spend all the way down to $2,000 in assets to become eligible for Medicaid benefits.
Not all nursing homes accept Medicaid patients, and Medicaid can dictate which nursing home a patient may use.
*Cost of Care Surveys, 2019 & 2020