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Carla (Full Site) Workman, LTCP
LTC Insurance Advisors
Long Term Care Specialist
Tallahassee, FL
(850) 656-2433 Phone
carlaltc@comcast.net
www.ltcadvisor.info/carla


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The Cost of Long-Term Care


There are more costs than just financial for long term care. You have to consider the burden on family and friends, both in a physical and emotional sense. As far as financial, it depends on where you live, the level of care you require and the length of time that you will need your care.

Human Costs

Most family members will become involved in the care giving of a loved one. Normally families want to be involved because they feel they can give better care and understand the needs of the family member that is ill. It is difficult to have a stranger in the house that one feels is competent and trustworthy. Most long term care companies will provide a care coordination service to find those individuals for you. You have to ask yourself some questions before you need care:

      
  • Who would you call on for care first?   
  •   
  • Is that person your spouse or partner?   
  •   
  • Can they be on call 24 hours a day?   
  •   
  • Does that person work?   
  •   
  • Do they have their own family to take care of?   
  •   
  • How many hours could they provide?   
  •   
  • How tired would they get?   
  •   
  • Would tensions develop among family members because one perceives they are doing more care than another?   
  •   
  • Do they live close by or in another State?   
  •   
  • Do they or you have to move?   
  •   
  • Do you want to move and not be in your house?   
  •   
  • If you do move, what will be the burden placed on those where you do move?   

There are many more questions that could be asked. There are also professional services that can't be provided by family members and must be paid for out of pocket.

Financial Costs

Current Assets & Income:

Cash:

CDs:

Stocks, Bonds:

Car(s):

Home:

Monthly Income:

Pension:

Social Security:

Vacation Home:

Rentals:

Boats:

RV:

Other:

        Total Assets & Income:

 

Expenses:

Mortgage:

Credit Cards:

Car Payments:

Home Equity Loan:

School:

Utilities:

Insurance:

Taxes:

Other:

        Total Expenses:

Add to your expenses the cost of long term care in your area.


You can click on the link below to see what the current costs of nursing home care are. As you can see, they can vary anywhere from about $100/day to almost $300/day in higher cost areas. You can see, then, that nursing home care can range from $36,500 to $109,500 per year (depending on geographical location and residence).
      
  • Where will the money come from to pay for it?   
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  • How long will your money last?   
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  • If you are married or have a partner, how will it affect them?   
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  • Do you have plans for your money other than long term care?   

Future Costs of Care

The National average for the cost of long term care is approximately $202 per day or about $73,546 per year. It is estimated that the cost will grow at a rate of at least 5% per year. Based on your age and when you may need care, what will be the future cost?

Years from now Cost per Day Cost per year Years of Care Total
5 $200 $73,000 3 $219,000
5 $200 $73,000 5 $365,000
5 $200 $73,000 10 $730,000
         
10 $255 $93,075 3 $279,225
10 $255 $93,075 5 $465,375
10 $265 $93,075 10 $930,750
         
20 $415 $151,475 3 $454,425
20 $415 $151,475 5 $757,375
20 $415 $151,475 10 $1,514,750
         
30 $670 $244,550 3 $733,650
30 $670 $244,550 5 $1,222,750
30 $670 $244,550 10 $2,445,500

Multiply these total costs by two if you are married or have a partner. There are other costs that haven�t been taken into account. What about prescriptions, laundry, incidentals, building ramps, widening doorways, etc.



Find Out More...
Protect Your Family There are more costs than just financial for long term care.  You have to consider the burden on family and friends, both in a physical and emotional sense.  As far as financial, it depends on where you live, the level of care you require and the length of time that you will need your care. Click here to out more information...

What Are My Chances? It is our nature to believe that we will never be in a position to need long-term care. That only happens to other people, not to us. Of course, we would like to believe that, but we cannot foretell the future. Click here for more...