Long Term Care Costs and Planning

Long-term care refers to ongoing services and support needed when people can’t care for themselves. Those extended care costs can be significant: In 2021, the average cost of skilled care at home was $216 per visit, the monthly rate at an assisted living facility was $4,500, and a monthly stay in a nursing facility was $9,034.

Let me tell you the average costs here are much higher.

You may think government programs will pay for your long-term care, but consider this:

• Medicare only pays for long-term care in specific circumstances.

• Medicaid, also known as medical assistance, has certain restrictions, based on your income and assets.

If you think you’ll pay for long-term care, ask yourself:

  • Will you need to dip into your retirement savings?
  • Can your spouse afford to pay for your care?
  • Can you pass assets on to your children or grandchildren, or to a charity?
  • Have you considered the tax consequences of liquidating investments?

That’s why it’s so important to start planning for your long-term care today.

Start a long-term care conversation with your family and financial professional today. We have partnered with community resources to provide you the best in support. Ask our intake team how to complete a Care Plan screening so that you can get your resources.

Find out more by registering for an upcoming class.

Pre-Planner’s and All Workshops