Up to 70% of seniors (age 65+) will need some amount of long term care in their lifetimes. Genworth’s 2019 Cost of Care Survey estimates such long term care to cost between $48,612 to $102,200 per year. Medicare does not cover “custodial care” which is assistance with activities of daily living versus medical care.
- Will COVID-19 make long-term care even more expensive?
Nursing homes have been hard hit by COVID-19, accounting for 50,000 reported cases as of April 23, 2020. Long term care facilities will need to re-train staff, rotate staff, and increase safety protocols but at what cost passed on to seniors?
- Protect yourself from a potentially monstrous expense
Your best bet may be to get long-term care insurance in your 50’s, or even 60’s if your health is good. Long term care policies vary in their terms and coverage so it pays to do your research. The more financial protection now the less stress for you and loved ones later.