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Learn about the four primary concerns that define the financial planning process for retirees.
People of all ages need long-term care. More than 12 million Americans say they need assistance with everyday activities. Of these, about 60 percent are elderly.1
Put the risk into perspective:
Ironically, most people insure their cars and their homes but not the cost of a nursing home stay... the risk that's most likely to occur.
You may need long-term care when you are unable to care for yourself because of a prolonged illness or disability. This could include assistance performing basic daily activities such as bathing, dressing, or eating. A cognitive impairment, such as senility or Alzheimer's disease, would require supervision to ensure your protection.
According to the 2007 Cost of Care Survey5, a 2007 semiprivate room daily rate is $180.78 (national average.) Now, consider you family history with regard to conditions such as Alzheimer's Disease, cancer or stroke. Then consider the following chart:
|Condition||Average Length of Stay||Total Cost (assumes semi-private room at $180.78/day or $5,423.40/month|
Keep in mind that rates of nursing homes are growing 4-6% each year.6