Long Term Care
Long-term care policies cover a broad range of supportive medical, personal and social services required by people who are unable to meet their basic living needs for an extended period of time. It is estimated that by the year 2020, 12 million older Americans will need long-term care.
Long term care can be expensive. The national average for a private room, in nursing home care, is $69,400 per year. Home care also adds up. For in-home care assistance, the national average is $37,000 a year for 40 hours of help a week.
At an assumed 5% inflation rate, a year in a nursing home could cost over $112,000 in just ten years based on national averages. Smart planning now is essential for a comfortable future.
Long term care cost varies depending on the company, the policy benefits, and your health and age. Personal care and home care benefits will add to the cost. Higher or lower ages and/or higher or lower benefits will affect the cost accordingly. Let the professionals at Corporate Financial assist you in finding the right plan.