When advising clients on their financial matters, the discussion of Long Term Care should be paramount as part of your planning practice.
Having a basic understanding of the actual costs involved in a Long Term Care confinement can certainly aid in educating and guiding your clients regarding this important topic .
Attached please find a METLIFE Long Term Care survey with geographical breakdowns on costs and types of care. This is very helpful information.
Click on the link below.
Of course should you have any specific questions or case design needs please contact :
Theodore J Durante CFP CLTC at 732-758-9300 ext 163
Is Insurance the Answer to Long Term Care Planning?
A recent USA Today article states that there is an increase in seniors living over the age of 90. According to author Haya El Nasser “The number of people living to age 90 and beyond has tripled in the past three decades to almost 2 million and is likely to quadruple by 2050”.
Seniors who live longer generally have some sort of disability or need help at some level of living. Sandy Markwood, CEO of the National Association of Area Agencies on Aging, indicates that the focus needs to be on being able to help these seniors live at home as long as possible as nursing home cost could rise to average $72,000 a year.
Long Term Care at any level, in the home, assisted living or nursing home can add a tremendous cost to seniors and their families.