Whether or not you realize it, long-term care coverage is something that everybody ought to consider. The problem, however, is that all too many people fail to honestly evaluate their situation; and they either think that they will never need long-term care, or they mistakenly believe that they will somehow have the funds to cover the care without assistance. A few facts about long-term health care will illustrate precisely why you ought to consider long-term care coverage in advance.
To begin with, according to a study by the U.S. Department of Health and Human Services, 70 percent of people over the age of 65 will eventually require long-term care services. Further, this same study also predicts that 40 percent of people over the age of 65 will require care in a skilled nursing facility for some period of time. So, while you have nothing to gain from living in fear of the future, an honest look at the numbers illustrates that you at least have a likelihood of needing some type of long-term care in times to come.
Granted, even if you need long-term health care, it does not mean that you will need long-term care coverage. But given the extremely high costs of long-term health care, you will need to have a healthy amount of savings to pay for such care out-of-pocket. For instance, care in a typical skilled nursing facility in Arizona costs between $175 and $225 per day, meaning that you could spend well over $70,000 per year if you had to move into this type of setting. Even less involved care is expensive – the average monthly cost of care in an assisted living facility is $2,942; the average hourly rate for a home health aide is $23; and the average daily rate at an adult day services center is $84.
These prices, coupled with the statistical probability that you will one day need long-term health care, ought to make you stop and think about long-term care coverage. For those who qualify, ALTCS is by and large the best way to cover such care.
To learn more about this benefit, contact an Elder Law attorney at JacksonWhite. call (480) 818-6912