Elder Care Issues

As the costs of Long Term Care increase (about 4% per year – and are projected to continue this trend into the future) is may be a good time to take a look at insurance to cover some of these costs. If one is not careful, the costs of a nursing home, assisted living, or in home assistance could widdle away retirement savings.

 
In Georgia, the average annual cost of a private nursing home is $57,365. The average for a private one bedroom in an assisted living facility is $25,200 annually and the cost of home care can range from $30,000 to over $100,000 annually depending on the need.

 
The big question when buying a Long Term Care Policy is how much time to purchase. Lifetime premiums are approximately double those of a three year program. Additionally, you can purchase a daily policy or a policy to cover a portion of the costs. There are also policies for couples that allow them to share benefits.

 
For more information please see: Kiplinger Article

Source: Long Term Care Insurance Costs By State