Long-term care used to involve moving to a nursing home, but nowadays, long-term care comes in many forms. Today there are all sorts of long-term care options, such as in-home care, assisted living facilities, nursing homes, and memory care facilities. All of these forms of care can be very expensive, which is why it is important to factor Long-Term care into your retirement plan.
How Much Does Long-Term Care Cost?
Costs for long-term care will vary greatly depending on where you are and what type of care you will require. For instance, in Central Ohio, you can expect to pay the following for various long-term care options:
– Assisted Living – $5,000-8,000/month – Nursing Homes – $10,000/month – Memory Care – $12,000/month
As you can see, long-term care can be incredibly expensive. Long-term care for just one person could easily cost $100,000 or more per year, which is why planning for LTC now is a good retirement strategy.
Medicare or Medicaid Will Pay For This Though, Right?
If you’re counting on Medicare to cover your long-term care, you may want to rethink your strategy. Contrary to popular belief, Medicare does not pay for these expenses, and Medicaid will only step in once you run out of money. Having an LTC product will ensure that your expenses are covered and do not eat away at your retirement savings.
But I Won’t Need Long-Term Care, Will I?
With people living longer than ever, most people will need some type of long-term care at some point in their retirement years. In fact, on average 70% of people over the age of 65 will need long-term care at some point. Men, on average, will typically spend 2.2 years using some sort of long-term care, and the average for women is about 3.7 years.
Safe Harbor Can Help
If haven’t factored Long-Term care into your retirement plan, the experts at Safe Harbor Retirement Group can sit down with you and go through options with you. Schedule a complimentary consultation by calling 614-760-0670 or visiting www.safeharboroh.com today!
