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Reading about long term care costs is like tailing the terrifying events of a horror fiction only these are the realities of life, and the ugly consequences which you are about to face if you’re not prepared. The staggering rate increase of long term care facilities is really unbelievable. People wish it’s just a bad dream that will be gone by the time they open their eyes. Unfortunately, it’s not a dream that is why many would opt to care for their parents once their bodies have turned frail than avail LTC services. Paying $50,000 a few years back for a private nursing home room seemed too much already until these figures soared to $77,745, which was unthinkable at the time. We have barely adjusted to the new rates of LTC facilities when news of another increase sprang. Sources warn that the increase in 2026 will be twofold of the current rates! Everything these days is getting more expensive by the day so imagine how much a 65-year-old will have to shell out by the time she starts requiring long term care 15 pr 20 years from now. Children of baby boomers are beginning to discuss the new setup of their lives once their parents will start needing custodial care. While a home health aide currently cost $152 a day, the public thinks it’s more practical to consider the future long term care costs since health experts and financial advisers have been talking nonstop about it anyway. If one’s mother turns 80 in 2026 and would prefer home care, he would need to fork out $304 a day and that would equate to almost $111,000 a year. Aside from this, there’s her food, medicines and personal supplies to spend for, too. One would basically need more than $1 million in assets to be able to pay for a parent’s long term care out-of-pocket. Even if your mom and dad have worked for more than 40 years and accumulated assets, that will not be enough to cover their LTC expenses considering the rate speedup of each LTC facility. Perhaps the best thing to do is plan with your folks. Planning Long Term Care Costs You and your siblings should sit down with your parents and ask them where and how they want to retire someday. By knowing their future plans, you would be able to guide them to their options for LTC. If they think it’s too late to purchase an LTC insurance policy as their savings could be wiped out by the premiums, explain to them that they can settle for a smaller maximum benefit amount and a shorter coverage period. LTCI policies don’t actually have to cover 100% of one’s LTC expenses. Policies that only cover 50% or 70% of the expenses incurred in a nursing home or another LTC facility for that matter will have significantly lower premiums. Knowing that there’s a third party to shoulder a portion of your parents’ LTC expenses is going to be a big relief to your family. Though you and your siblings will have to continue looking after them, this will not require anyone of you to neglect his career, marriage and children because you know that your parents have an LTCI policy to lean on. Learn ways to lower your long term care insurance premiums. Visit CompleteLongTermCare.com to read details on the 3 in 4 need more campaign.
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