Do You Know the Median Cost of Long Term Care?

Cost of ltcThe median cost of adult day health care in our country is more than $1500 a month. It is $3,750 for an assisted living facility, $3,994 for home care services and $4,099 for home health aides.

And, if you want some privacy, the median cost is $7,148 for a semi-private room at a nursing home and $8,121 for a private room. That’s expensive! Can you afford it?    These alarming figures should get you thinking. If you don’t think about the possibility that you may require some form of long-term care services—either a home health aide, an assisted living facility, or a nursing home—then you run the risk of wiping out your entire life’s savings to pay for it, even if it’s only a short period of time when you or a spouse needs such care.

So, how do you avoid that?  One option is to purchase long-term care insurance (LTCi) through a reputable broker or agent. LTC insurance policies typically provide coverage in these situations:

  • Home care
  • Assisted living facilities
  • Nursing homes
  • Adult day care
  • Hospice care

However, getting a policy isn’t as easy as it may at first appear.  LTC policies can vary quite a bit, based on factors like the insurer, area of the country, and your health status. Find out what benefits will be provided and for what duration. You should also determine the tax implications of your circumstances. Finally, your out-of-pocket cost is a big factor.  It’s best to investigate an LTC insurance policy sooner versus later because the cost of coverage will only go up as you get older.

Reference: Wealth Advisor (February 16, 2018) “Have Clients Planned For Long-Term Care?”


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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.