Interviewer: …tell me about why planning for long-term care is so important.
Interviewee: Planning for long-term care is really important, because long-term care is really, really expensive.
If somebody is in a nursing home in Arizona, the average is about $6,000 a month. That’s for a non-private room or a semi-private room. The average stay in a nursing home in Arizona is well over two years. You do the math. That adds up really, really fast. Planning on the front end is really important.
I always think of it like Noah and the Ark. When did Noah build the Ark? Before the flood. Planning for long-term care is the same way. It’s really important to get planning early even though this might be something that seems really far away, because we don’t want there to be a big disaster on the back end.
The more you plan, the less you might have to pay out of pocket for your actual expenses in long-term care. First thing people need to look into is long-term care insurance.
I know it’s something that people don’t want to think about. But it is a small price to pay on the front end to insure that you’re not spending all of your money on your care on the back end. Planning for long-term care is very, very important…