The Cost Of Long-term Care

Long-term care costs in the state of North Carolina and throughout the rest of the world can be quite outrageous, and they are constantly on the rise

. This is why more and more people are getting smart and getting long-term care insurance, and theyre doing it earlier and earlier in their lifetimes. This is a very wise idea, since long-term care insurance can help to pay for some or even all of your long-term care costs. Paying a little for insurance now can take a huge financial burden off of your shoulders in the future. Even more importantly, it can keep you from one day becoming a burden to the family that you love so much.

One common type of long-term care is the kind that takes place in a nursing home. Statistics show that approximately 35% of people aged 65 and over will need nursing home care at some point in their lives, usually for about a year on average. In North Carolina, people pay for nursing homes by the day, and the average daily cost for a private nursing home is $204.00. That adds up to a whopping and insurmountable $74,460 per year! You can reduce that rate, but only somewhat, by opting for a semi-private nursing home. These facilities generally arent as nice, and they still cost around $182.00 per day. Unless you have that kind of money lying around or want your family to foot the bill, its easy to see, with these figures, why long-term care insurance is so very important.

You might think that these rates dont apply to you, that youd never end up in a nursing home. The truth is, however, that no one knows what the future holds. And, even if you didnt need nursing home care, it is still incredibly likely that you would need some type of care at some point in your lifetime. In fact, around 69% of elderly people will require some kind of care in their lives, with the average person needing the care for a period of at least three years! Even when were not talking about nursing homes, this can still get expensive.

Take, for instance, the average cost of living in an assisted living facility. In North Carolina, thats around $3,397 per month! When you think about spending three years in such a facility, youre looking at a scary $122,29! And even in-home care is expensive. The average cost of employing a home health aid is about $18.00 per hour, and even homemaker services generally charge at least $17.00 per hour. Adult day cares are pricey too, weighing in at a cost of around $47.00 per day. For a week alone, thats $329!

Obviously, no matter how you look at it, any type of long-term care is going to cost a lot of money! If you dont have that money or dont have an insurance policy that pays for your care, the burden falls to those you love. And if they dont have the money, theyre often forced to assume the role of caregiver themselves. Dont let this happen to you or to those you care about; get a long-term care policy as soon as possible.

by: Patrick Boswell

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