It is often assumed that money can be saved on health and nursing services for seniors by having them cared for at home.
There is logic to this.
It is possible that family members will chip in and assist with housekeeping and supervision, and home health care agencies could be hired to provide necessary services family members are not equipped to do.
While this could work to be a less expensive option than residential assisted living or nursing care, there is still going to be cost involved.
One would also need to consider if this is a feasible option for the unforeseeable future.
For instance, would there be a family member available to take off work at any given time to tend to the needs of an aging family member?
Will this person have the capabilities to handle care if it becomes a long term situation?
According to Howmuch.net the most expensive option for elder care is nursing home care, followed by home health care and then assisted living facilities.
Of course prices vary by the type and duration of services needed as well as by the area in which the service will be provided.
One of the least expensive options in the U.S. is elder day care where the elderly attend a center to receive care.
With our growing population this is becoming a popular option and might become just as common as child care in the future.
With a wide arrange of care and costs you may be wondering how you would even begin to pay for elder care.
For many, personal income and savings are just not an option.
There is a large misconception that Medicare covers this expense, however it doesn’t.
Long Term Care is a personal responsibility.
There are public programs that some people may qualify for, but not everyone will.
We want you to know that Long Term care insurance may be the option for you.
A Long Term Care policy helps cover the costs of care when you suffer from a chronic medical condition, a disability or a disorder such as Alzheimer’s disease.
Considering long term care costs is the most important part of any long range financial plan.
Waiting until you need care to buy coverage is not an option.
Call us today to speak with one of our trusted advisers about Long Term Care insurance.
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