Page 25 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

Questions, Questions! 7 Home Health Care—Home health care costs $18 to $22 per hour. This is in addition to the continued cost of liv- ing in your home and costs that may be necessary to alter your home to meet your needs while receiving care. It is important to keep in mind that these are averages. If you know that you will want to live in a top of the line long term care facility, you should plan on higher costs than those shown. If you want to check out some averages in your area check out Genworth’s Cost of Care. Let’s do some math with the following assumptions: Annual cost of skilled care today $80,000. Rate of Long Term Care Infation 5% Number of years until care is needed 25 Number of years care is needed 2. 5. Projected total cost of skilled care 25 years from now $270,908 per year for 2. 5 years equals $687,500. Ouch! Is Long Term Care Insurance fnancially appropriate for me? If you have minimal assets and/or income, Long Term Care Insurance is generally inappropriate because the premiums may be unaffordable and you will likely qualify for Medicaid anyway. If you have signifcant assets and income and can pay for long term care yourself, you may not need Long Term Care Insurance but you may still fnd it to be an attractive option when you compare the cost of the premiums with the cost of long term care. A Long Term Care Planning Advisor can help you make that assessment.