No one wants to think about a time where they may be alone and unable to take care of basic activities, such as bathing and dressing, without the assistance of someone else. We also don’t want to think that our partner may not be there with us, or able to help if we need help ourselves. So while planning for your own long-term care may not be something that sounds like a lot of fun, it’s something that you cannot afford to avoid or put off.
Some facts to consider:
- Life expectancies are increasing. Each generation lives longer than the one before it, which means that you are more likely to need long-term care.
- 70% of people over the age of 65 require long-term care services at some point in their lives.
- Long-term care costs are rising. As more people need the services, and more nurses and doctors retire, we can only expect the costs to rise even more.
- The average cost for a semi-private room in a nursing home is $83,585 per year.
- The average home health aide costs $21 per hour.
- If you fail to plan for your long-term care costs, the responsibility could fall on your children to pay for your expenses.
- Planning ahead will help keep your assets from being spent on long-term care costs, meaning you will have more to pass down to your children.
