In 2021, the market for long-term care was worth a staggering $991.6 billion. This huge number represents the masses of people who need it in the U.S., and why you should consider planning for your long-term care cost in the future.
Long-term care is a type of care that is provided to people who are unable to care for themselves. This may be due to a chronic illness, disability, or other long-term health condition.
The cost of long-term care can vary greatly depending on the type and level of care needed, as well as where you live. In this quick guide, we’ll look at some costs associated with long-term care and more.
Let’s get started.
The Cost of Long-Term Care
The cost of long-term care can be expensive. According to the Genworth Cost of Care Survey, the average cost of a private room in a nursing home is over $100,000 per year. The cost of a semi-private room is slightly less at around $90,000 per year. The cost of home health care can also vary greatly depending on the type and frequency of care needed.
Another way to look at this is the average cost of home health care is around $20 per hour. Also, the average cost of live-in care can be upwards of $250 per day!
Here you can discover more about long-term care home costs in Vancouver.
Affording Long Term Care
Paying for long-term care can be a challenge for many people. This is especially true since it is not typically covered by health insurance or Medicare.
There are several options available for affording long-term care, including:
Long-Term Care Insurance
Long-term care insurance is a type of insurance policy that helps cover the cost of long-term care services.
You can get this insurance through an employer. They can help pay for the cost of nursing home care, home health care, and other long-term care services.
Medicaid and Veterans Benefits
Medicaid is a government-funded program that provides health coverage for low-income individuals and families. In some cases, Medicaid can help pay for the cost of long-term care services such as nursing home care.
Veterans who meet certain eligibility requirements may be able to receive long-term care services through the Department of Veterans Affairs (VA).
We should also mention that some people may be able to pay for long-term care out of pocket using their savings and assets. Someone may be able to do this by selling a home or using a life insurance policy.
Long-Term Care Cost Calculator
A long-term care cost calculator can help you estimate the cost of long-term care services in your area. It should help you calculate your specific care needs in your specific location.
These calculators can be helpful tools for planning and budgeting long-term care expenses. This way you can make many comparisons with different insurance providers to find the best deal for you.
Long-Term Care Cost Explained
The long-term care cost for you will depend on what you expect in terms of accommodation and care. There are several options available to help cover the cost of long-term care, including long-term care insurance, Medicaid, and veterans benefits.
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