Why is long term care planning so important?
According to the U.S. Department of Health and Human Services, there is a 70% chance that the average 65 year-old American will need some type of long-term care service.
Why is this stat significant? Because long term care is expensive.
Here’s a few stats that highlight the costs of long term care in Las Vegas:
- For people who may need a higher level of supervision and care than in an assisted living facility, the monthly cost for a private room with nursing home care in Las Vegas is $8,821 (A semi-private room is $7,908). This expense includes personal care, room and board, supervision, medication, therapies and rehabilitation, and professional nursing care 24 hours a day.
- For those who have an intermediate level of long term care, the average monthly cost for an assisted living facility in Las Vegas is $2,850. The level of care provided in an assisted living facility is not as extensive as a nursing home. These facilities provide assistance with activities of daily living.
- People who want to live in their own homes, but need homemaker services, can expect an average monthly cost for home health care in Las Vegas is $3,813. ($3,527 for home health aides.)
(Numbers from Genworth’s 2016 Annual Study)
The solution to combatting these costs? Start your long term care planning now.
A few factors to consider:
- Medicaid pays for an estimated 51% of long term care expenses. You must qualify for Medicaid. You can start by filling out an application or contacting us at info@accuratechoiceins.com or 702-425-4100.
- Long term care may become more expensive. For example, the Federal Long Term Care Insurance Program raised its rates last year by an average of 83% – with a maximum increase of 126% for enrollees – for its federal employees.
- Gender matters. On average, women need 3.7 years of long term care versus men, who need an average of 2.2 years.
These long term care costs can easily wipe out a lifetime of saving for families. Using the numbers above, if you had a private room at a nursing home in Las Vegas at $8,821, and you utilized this service for 43 months (the average length of long term care needed for the average woman), then your total costs would be $379,303. Yikes! And that’s just for one person.
Why is long term care planning so important? Because long term care expenses should not be ignored. A part of your long term care planning should include selecting the right long-term care insurance. Besides Medicaid, which could be affected if the government repeals and replaces Obamacare, there are other insurance options including a traditional policy or a hybrid policy that ensure your coverage.
Action item: Insure for Your Long Term Care Costs
Contact Accurate Choice Insurance at info@accuratechoiceins.com or 702-425-4100 to learn more.
The mission on Accurate Choice Insurance Exchange is to provide caring and objective health insurance and Medicare solutions. We help the senior population make the accurate choice when it comes to covering their final expense costs.
Families have many choices for health coverage and often times, “too many choices”, that just ends up confusing them. We understand the size and complexity of the ever changing laws of Healthcare. We can present insurance solutions that fit all of our clients needs and budget.