WHAT YOU SHOULD KNOW ABOUT THE RISING COST OF LONG-TERM CARE.
Studies show that people are living longer. As a result, more than 70 percent of the aging demographic of 65 years and over, at one point in their lifetime will need some type of long-term care.
According to Genworth's Cost of Care 2004-2019 report, "From 2004 to 2019, the cost of the facility and in-home care services has risen on average from 1.71% -3.64% per year. That is an increase of $829 a year for home care and up to $2,468 a year for a private room in a nursing home. Furthermore, this report notes that at this rate, there are some care costs increases that are outpacing the U.S. inflation rate of 2.1%* by almost double.
As you age, there is a possiblity that you may become more concerned about how the financial impact a long-term care event could have on your entire savings / financial foundation. Furthermore, as rates of both in-home care and private nursing facilities increase, and by not having a traditional long-term care insurance or an alternative option in place, take into consideration the emotional as well as a financial impact that could possibly have on you and your loved one’s peace of mind.
You may never need Long Term Care Insurance.
But if you did need it, give it some thought as to how would it affect you, your immediate family, your spouse, your adult children, and your finances without it.
OUR APPROACH & SOLUTIONS
At Delington Financial & Insurance Services, we Offer Multiple Long Term Care Options That Can Be Tailored to Fit Your Needs.
In-Home Care Plans
Medi-Cal Asset Protection Planning
Reverse Mortgage Options
Long Term Care Insurance Investment Options