 Wow! Did we read that correctly? $107,146... that is the median annual cost in 2024 to receive services in a semi-private room.
So as long as everyone has a couple hundred thousand dollars hanging around, they should be okay. But what if there is a spouse at home? Will they have enough cash to stay in the world that they have become accustomed to? Or even if they decide to stick to a tighter budget, what can they truly afford? Read on... It's not just about having enough to cover the immediate costs. There are ongoing expenses to consider, and if one partner needs care, the other still needs to manage daily living expenses. This situation can quickly drain savings and retirement funds. When savings run out, individuals can become impoverished, relying on Medicaid to cover long-term care costs. However, Medicaid only steps in after you've spent down most of your assets, which can significantly impact your financial stability. So, what options do you have? Financial insurance products can offer a solution by providing funds to cover long-term care expenses. For example, asset-based products and life and annuity products with accelerated death benefits that can help cover long-term care healthcare costs. Planning for long-term care is crucial to ensuring financial stability and protecting your assets. By exploring these insurance products, you can receive peace of mind and security for you and your loved ones, resulting in a better quality of life. To learn more, or get recommendations for an advisor in your area, click here! |
