Cost of Long Term Care
Many people when presented with the premium options for long term care are concerned about that. One of the things that clients have to be clear on is the actual cost of long term care for their area. Genworth has developed a cost of long term care survey tool that will survey the costs of long term care in your area.
This tool will study 10 to 12 major cities in every state in the United States and will talk to you about the hourly cost of home care, the daily cost of adult daycare, the monthly assisted living costs and the semi-private and private room nursing costs for your areas. What pays for long term care? Well, what our family found out is that if you don't have a plan for long term care, your 401k, your IRAs, and your investments pay for it.
It's much cheaper and more cost effective to leverage your health and get out ahead of it and purchase some sort of insurance to pay for these costs. Care can be delivered in the venue of the client's choosing. Most notably, the four main venues are home care, adult daycare, assisted living, and in the nursing home. The product's reputation is that of the nursing home. However, no one dictates the client where they get their care.
We find in our 20 year history that clients want to get care in the venue of their choosing. And usually that means care getting started in the home or utilizing the services of adult daycare. Please take a look at the Genworth cost of care tool for your area. Get familiar with what the costs are for home care, for what the costs are for adult daycare, and what the costs are for assisted living and the nursing home for your area.
These are costs that if not funded by insurance, if they present themselves to you and your family could very well be funded from a client's 401k, their IRAs or their investments. Still another advantage of using this tool is looking at how it projects costs and how they could change over the next five, 10 to 15 to 20 years. It's important to understand what the costs of care are right now for the area in where you may be receiving care.
It's also important to know what the costs will be going forward in the future with these same areas. Ultimately, when you get your arms around the cost of long term care, you have two choices. One you can get out ahead of it and leverage your help by purchasing an insurance product that will throw off a stream of income to pay for care in the venue of your choosing. If you don't do that in the situation presents itself to you, then you will be paying whatever the going retail rates are for the venue in which you're getting care in your area.