Long-term care is something you really need to think about so that you don’t burn through your estate in your later years. According to AARP, 58% of women will need an average of 2.5 years of care, and 47% of men will require an average of 1.5 years of care. If you are in the 14% of people who require five years of care or more, you could be talking about half a million dollars in expense.
Know the Projected Cost of Long-Term Care
For assisted living, the average rate in 2016 was just shy of $46,000 per year. It’s even more in a nursing care facility. For a shared room, the average is about $82,000 per year, and for a private room you are talking about $92,000 per year. Remember that rates vary from area to area, so learn what prices are like where you could potentially end up.
Are You Prepared for Long-Term Care?
How will you protect your savings if you end up in a long-term care situation? Having a plan is vital because once you are in a long-term care facility, it is too late to stop them from exhausting your funds. A long-term care plan is a good way to protect your assets.
Plan Now While You Can Afford It
Long-term care plans become more expensive as you approach the age where you will be more likely to need one, so now is the time to start shopping while you can lock in an affordable rate.