We must ultimately face the fact that long-term care (LTC) is a reality for many people. Here are some significant statistics:
With this in mind, it is wise to discuss the likelihood and develop a strategy to address the need. You must ask yourself where support will come from if care is needed.
The hard reality is that LTC is expensive. The median annual cost for licensed in-home care is $45,760 (44 hours/week). For assisted living, the median cost is $43,000. If you enter a nursing home, you will be facing a median annual cost of $80,300 for a semi-private room and $91,250 for a private room. To locate the current cost in your area, you can go to genworth.com/costofcare.
With the average need approaching four years, the costs associated with care can really add up and affect your goals for both you and your legacy. How would you and your family handle these costs if it became necessary? Are you prepared to pay for these services for what may become an extended time? Ambassador Advisors can help you weigh the options and develop the best strategy for your needs.
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