Research indicates that one in two Americans will need long term care services.1
Long term care services are very expensive, and the need for care may last for several years or longer. Home health care varies widely in cost depending on the type and frequency of care received. Assisted living care averages $36,096 per year and exceeds $54,000 per year in some facilities. Nursing home care averages over $68,000 for a semi-private room, over $76,000 for a private room, and easily exceeds $100,000 per year in some parts of the country.2 Costs are continually increasing due to inflation.
Long term care is not just for those who are older. Younger people need these services due to illnesses, physical disabilities, and injuries from automobile and sporting accidents.
Most long term care expenses are paid with personal or family assets. Neither traditional medical insurance nor Medicare pays for most long term care services, and Medicaid does not pay unless the individual qualifies for welfare assistance.
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