“Your Care 360” Resources for Long Term Care

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To Better Understand Long Term Care

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Here’s What a FORBES financial contributor has to say about Long Term Care

By David Rae, Contributor / Forbes/ / Read Article

September 28, 2021 – Daily Insurance Report

Long-term care (LTC) is expensive. Even bottom-of-the-barrel care can break the average retirement income plan. The problem is exponentially worse for married couples who face increased odds of one or both spouses needing long-term care.

Depending on where you retire, the average cost of a private room in a nursing home is more than $100,000 per year. That’s today, and it will likely be even more expensive by the time you need care.

While some retirees will need care for a few days or weeks at the end of life, others may need care for extended periods of time. My great-grandmother had around-the-clock care for nearly a decade at Leisure World in southern California, whereas other people I know died peacefully at home without receiving much, if any, paid long-term care assistance.

Statistically, around 70% of Americans will need at least some LTC during their lifetimes. A study by the U.S. Department of Health and Human Services projected more than one in four retirees will need LTC costing more than $100,000. At the same time, around 15% of retirees will require care, costing more than $250,000. Bills could easily go to a half-million dollars for those needing several years of care or who choose to obtain LTC services in nicer facilities.

Here are several ways to pay for long-term care. Each of these options have pros and cons:

From Retirement Income and Assets
Traditional Long-Term Care Insurance Policies
Hybrid Life Insurance/Long-Term Care
Life Insurance with Chronic Care Rider
Deferred-Income Annuities

If you don’t have any other coverage, you will likely be paying out of pocket for LTC costs. Typically, those with a net worth above $5 million may find this to be a good option. This number may be higher or lower depending on if you are single (or a widow/widower) or married, as well as where you live and your personal choices about the type of care you want to have.