Eddie Patel, President
Action Investment Services, Inc.

Do I Need Long Term Care?

I'm going to let you answer that question. Here are a few quick facts provided by a well known Long Term Care provider that we have worked with – Allianz Life.

• At least 40% of people over age 65 will need nursing home care someday, and of those people, about 10% will stay in a nursing home for 5 or more years.
• The average cost of living in a nursing home in the United States is $57,700/year (not including what may be the cost of a spouse or adult child continuing to live at home).
• The average nursing home stay (approximately 2.4 years) will cost nearly a half million dollars ($468,960) by the year 2030.
• Two-thirds of single people and one-third of married couples exhaust their funds after just 13 weeks in a nursing home. Within 2 years, 90% will be bankrupt.

Not everyone uses long term care provided by an actual "nursing home." Many people receive this care in-home by hiring skilled, trusted professionals. They assist with bathing, dressing, and even some basic medical attention. To that end here are a couple of more stats to include in your decision process:

• 7.6 million individuals are receiving home care services
• Home care on average costs $18.00/hour - over $52,000/year for 8 hours of care per day

Asset protection often involves planning for risks you may not have considered that can significantly compromise your income distribution plans at or near retirement.

Given that both men and women are living longer and longer, as discussed in other articles on this site, the need to plan for long term care and the realities associated with it, is increasing tremendously.

If you would like to receive a long term care quote, please Contact Us, for an initial consultation.