What Does Long Term Care Cost in My Area?

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By Kathy Cooper

I recently found a great link to the 2014 New York Life’s Cost of Long Term Care tool that will tell you the average cost for skilling nursing facilities, assisted living, home health aides and more. For instance, here are some comparisons of average rates for Ohio:

Type of Care

Columbus

Cincinnati Area

Cleveland Area

Skilled Nursing Private Room – Annual Rate

$101,510

$99,817

$107,146

Assisted Living Studio – Monthly Rate

$3,683

$3,627

$4,162

Home Health Aide – Hourly Rate

$21.74

$19.65

$20.28

Find out more here: LTC Costs

Unless you are independently wealthy (really wealthy!), it is pretty clear that you need a plan to pay for care when you need it.

Maybe you’re wondering though: Will I need it? According to the Journal of the American Medical Association, 70% of Americans over 65 will need some type of long term service or support for an average of 3 years. (Kaiser Family Foundation Article re: JAMA Infographic)

 

What happens if your parents forget to pay their LTC insurance?

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By Robin Crouch

  1. The policy lapses resulting in no coverage. This may happen when they need the coverage the most!

  2. They would not qualify for a new policy if they had developed health problems since the policy was originally issued.

  3. Your parents may end up “spending down” everything they have taken a lifetime to earn before they can qualify for public assistance, or

  4. Unless you are independently wealthy and can ensure they have care when needed, they may not receive the care they need.

[Read more…]

The Sobering Reality of the Long-Term Care Situation Facing Baby Boomers

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By Julian Guilfoyle

“Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.”   ~Mark Twain

The long-term care situation inherited by baby boomers presents a grim and worrisome reality. In addition to the emotional burdens faced by spouses and children, the financial burden is simply devastating for most Americans and their families. The U.S. Department of Health and Human Services conducted a study of long-term care in America and some of its’ findings are particularly noteworthy. They found that more than 70 percent of Americans over the age of 65 would require long-term services at some point in their lives. Forty percent of Americans who reach age 65 will require a nursing home stay with twenty percent of those requiring long-term care for longer than five years. When required, the average cost of a private room is $219 a day, or $79,935 a year. [Read more…]

Unique Plans to Avoid Paying for Long Term Care

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By Kathy Cooper

Over the years, we’ve heard a number of unique plans to avoid paying for long term care.  I thought you might want to hear about them:

“I’ll never go to a nursing home.  I just plan to wake up dead one day.”

“If I find out I have Alzheimer’s, my thought is to rob 7-Elevens until I’m caught and go to jail.  They have to take care of you there.”

“I’m going to give my kids cash gifts, a little at a time.  How’s the government to know?”

“I have a bunch of silver and gold in my safety deposit box that they’ll never find out about, so my plan is golden!”

[Read more…]