The Cost of Long-Term Care

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.

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