Baby Boomers Need to Consider LTC Insurance
Long Term Care and LTC insurance is an important issue for baby boomers, their parents and me. The reality of long term care is at the forefront of our minds because of the news, TV or personal experience. We must ask ourselves what impact an unexpected illness or accident would have on our finances. What is long-term care who needs it and how much will it cost. Before we look at these questions let me share some fun facts about getting “older”.
1. Over 40% of all Americans over the age of 65 will spend some time in a nursing home due to a prolonged illness or disability.
2. One year in a nursing home can cost $36,000 to $60,000. Currently, the average cost in a long term care facility in America is $41,000 per year. The average cost of a visit by a home health aide is $52. Daily visits would cost you almost $19,000 per year. Skilled nursing at home, to administer medication or oxygen, for example, five days per week for a year would cost you an average of $94 per visit, or $24,440 per year.
3. Health care plans and Medicare combined pay […]

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