What are the costs of long term care?
There is no question that most Americans are living longer, and that means our later years can create financial concerns for our families and ourselves. Healthcare services for seniors can be expensive. For example:
About 18% of people end up in assisted living, 51% with in-home health care, and 31% in nursing homes. 70% of seniors will need long term service and support because of physical or cognitive impairment.
The hardship of the unpaid caregiver
For those who provide unpaid care giver services there is a cost as well. These costs can include lost time from work, used vacation time, early retirement, relocation, and reduced work hours.
There is a reasonable solution
Long term care insurance can provide your family with the resources that will allow your loved ones to obtain the best care possible, while not causing financial hardship on the family.
Home care services allow you to live in your own home, or to return to your home by helping you complete daily tasks that you cannot manage alone.
Adult day care is an option that provides a program of therapeutic and social services in a group setting.
Facility care services include assisted living facilities, which offer on-site support for carrying out the activities of daily living.