Why Long Term Care Is More Expensive Than You Think

Why Long Term Care Is More Expensive Than You Think

It is difficult to know if you will every need long term care once you get older but many people do end up needing it at some point.

Cost of Care

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The exact amount will depend upon the type of care you are receiving, such a full-time nursing care or assistive living but the cost is very pricy. If you are receiving full-time care, it is going to cost you around $250 per day, which can end up being close to $55,000 per year. Most people cannot afford this time of care for a very long time. Even is you need assisted living help, it is going to cost you a lot of money.

Insurance for Long Term Care

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If you do not want to lose all of your assets once you go into long term term, it may be wise to get long term care insurance. There are many companies that offer this type of care but it is not cheap. Once you are a senior, the rates will vary per month from $1,500 to $3,000 for the insurance but is way less than the cost of long term care.

Know Where You Assets Are

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It is very important to make sure your assets are taken care of before you get sick if you want your family to have them. Long term care facilities will take all of your assets if you end up running of money.

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