How Life Insurance Can Help You Prepare for Long-Term Care Costs

It is never too soon to start considering and planning for your healthcare needs in retirement. While we all plan to live in our homes independently as long as possible and into our senior years, changes to our health and needs will mean that the majority of Americans will require long-term or nursing home care.

The bad news is that the costs of long-term care are rising faster than Americans can reasonably afford. If you have a loved one that is already in long-term care, you are already aware of how expensive this necessary support is.

The last summary report and data provided by the U.S. department of long-term care was provided in 2016, and it outlined some expenses that many Americans are simply not aware of. The average national costs for long-term care in the United States (2016) include:

  • $225 per day or $6,844 per month for semi-private nursing home care
  • $253 per day or $7,698 per month for a private room accommodation and care
  • $119 per day or $3,628 per month for semi-independent assisted living facilities (one-bedroom accommodation)
  • $20.50 per hour (average) for in-home health aide services
  • $20.00 per hour for home-assistance (non-medical)
  • $68 per day for adult non-resident day/health care services (for working families)
  • Individuals who require physiotherapy or increased supervision due to cognitive issues or functional disabilities may require additional service fees not included in the accommodation and health services rates

Rates for in-home care are more expensive in the evening and on weekends and holidays, which dramatically increase the cost of supporting a senior loved one, even when they reside independently or with family members.

What is an LTC Rider?

In response to the fact that few families are in a financial position to afford the long-term care needs of their parents or loved ones, additional insurance is available. This can be added to either a term or universal life insurance policy as a separate ‘rider’ or benefit, for a small additional cost.

Would you like the peace of mind that comes with knowing that long-term care costs will be provided for you, or your loved ones when you need it them most? Avoid having to make difficult decisions that compromise the care you will receive as a senior, by investigating coverage today.

Our Bach Insurance Group licensed life insurance agents can recommend many options that will fit with your budget. Contact us today for a referral to one of our 1,200 friendly agents, and have our team develop a long-term care strategy that will protect your family and provide optimal nursing home care.

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