Prudential Financial newly issued 2008 Long-Term Care Cost of Care research report is a valuable resource for consumers seeking information to help them make informed decisions about their long-term care needs. The study found an increase in the average cost of long-term care ranging from 5 percent to 13 percent, varying by type of service, in the past two years alone.
Prudential's Cost of Care study sheds light on the State-specific average costs associated with nursing homes, assisted living facilities, and home health care services. National average cost of Assisted living facility care is more than $100/day or $3241 per month or about $37,000 per year. the cost of a private room in a nursing home has reached $217/ day or $79,205 annually. Home health care rates have also risen to an average of $21/ hour for an increase of 5-10 percent over the rates two years ago.
The fact is, without proper planning, the annual cost of long-term care can quickly deplete even a sizable nest egg. Many of us do not want to think about 'that time' when we may need care in an assisted living facility, a nursing home, or at home care. It makes good sense that you consider the costs now and implement a financial plan today to help ensure you receive the quality of care you desire.
To determine the suitability of long-term care insurance for your unique situation, the costs of long-term care insurance and your insurability, contact me at 949-854-3001 or email at dane@longtermcareinsurancepros.com
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