Each month we get questions from people about solutions for Long Term Care (LTC). It's a good thing to be concerned with, as statistically 70% of us are going to need LTC at some point in our life and only about 7% of us have prepared for it. LTC is also the number one reason many people go into bankruptcy in retirement years. Concerns stretch from "we don't get enough money in our monthly Social Security checks to cover LTC" to "we would drain our life-long savings in a matter of several months if we have to pay for LTC all b yourselves".
The cost of Long-Term Care can be expensive and averages somewhere in the $4,000-$10,000 a month range depending on medical circumstances. What can you do to prepare and what are your choices? Many times, folks will ask "what's the insurance cost?" Rather, you need to be concerned about the actual cost of the Long-Term Care services.
Covering LTC planning takes into consideration all aspects including Income, assets, and if there is any access to free health care (friends, family and the government). There are many ways to cover long term care, over the next few weeks we will cover your options.