| BY Chuck Lape |
Did You Know… >Almost 70% of people turning age 65 will need long term care services and supports at some point in their lives. (Source: LongTermCare.gov, October 2017) >About 67% of nursing home residents and 70% of assisted living residents are women. (Source: Long-Term Care Providers and Services Users in the United States, February 2016, National Center for Health Statistics) >The national median daily rate in 2018 for a private room in a nursing home was $275, an increase of 3% from 2017. (Source: Genworth 2018 Cost of Care Survey, October 2018) >The average length of a nursing home stay is 835 days…more than two years. (Source: Centers for Disease Control and Prevention, Nursing Home Care FastStats, last updated February 2016) >At a median daily rate of $275, an average nursing home stay of 835 days currently costs almost $230,000, making it virtually unaffordable for many Americans. >Medicare does not pay for long-term care services, as explained by the Social Security Administration: “About Social Security and Medicare… Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors’ fees, drugs, and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance (emphasis added).” Without proper planning, a serious accident or illness could rob you of your financial independence. Whether purchased for yourself, your spouse or for an aging parent, long-term care insurance can help protect assets accumulated over a lifetime from the ravages of long-term care costs. Chuck Lape The VSA 11555 Heron Bay Blvd Suite 200 Coral Springs, Fl 33076-3362 p: Cell: (954) 551-1800 e: [email protected] w: https://www.charleslape.com |
