According to the U.S Department of Health and Services, 70%
of Americans who reach 65 will need long term care at some point of their
lives. Despite this numbers, people still underestimate the cost of long-term
care.
The cost of care is soaring nowadays actually. As a matter
of fact, National Health Policy Forum reported last March 2014 that the annual
median cost of a semi-private room in a nursing home in 2012 was $81,030 and
$90,520 for a private room. Most people think that Medicare will cover their long
term care expenses but the truth is, it doesn’t cover custodial care or the
core of long term care.
You can receive long term care in a skilled nursing for 100
days but only after a hospital stay of at least three days and only if you will
need medical attention. Medicare will only pay 100% of the cost of your first
20 days in the facility and after that you are responsible to shell out about
$157.50 per day.
Paying for long term care can burn a hole in your pocket so
it’s imperative to plan for this as early as possible. Planning for this pressing
need can mitigate the potential cost of long term care and thus helping you to
protect your assets and as well as your loved ones.
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