May 31, 2023
If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services.
Many people visualize long-term care as uprooting to a nursing facility, but plans allow for 100% of the benefits to be paid at home, allowing clients to stay with loved ones in an environment they’re used to. 65% of long-term care is provided in the home, either in the home of the person receiving care or at a family member’s home.
The median cost for a home-health aide for an eight-hour day is more than $49,000 a year, while nursing care in a facility with a private room has a median cost of almost $98,000 a year. As life expectancies increase, so does the duration of long-term care needs, and the financial burden may end up falling on your loved ones after you’ve run through your own life savings.
