Without proper planning, the costs for long-term care can destroy any wealth that you have accumulated over your life. Skilled nursing home care easily costs upwards of $6000 per month. If you want a private room, it costs even more. With the average stay at a skilled nursing center around 26 months, these costs add up quickly.
Wealthy families can afford to pay for this expensive long-term care, without depleting all of their savings. Others have planning for this cost by purchasing long-term care insurance or life insurance with a long-term care rider. Many people cannot afford to purchase insurance or cannot qualify for insurance because of age or medical conditions. Without planning, many people must pay for long-term care until they have used up all of their available resources, and then Medicaid/ALTCS pays for those services.