Frequently when meeting with clients the discussion goes to the potential need for long term care, and how much is needed to cover the cost. To answer those questions there are a few things to consider.
First, we need to understand what long-term care is. Long-term care is not exclusive to being admitted into a full-time care facility. Home health care, and rehabilitation can also be considered as a long-term care need.
Second, evaluating the cost is important when deciding if long-term care insurance is needed. According to CNBC, a full-time long-term care facility can cost about $90,000 a year. As you can see, this can erode your assets quite quickly. Often, there may be a need for home health care, which can cost considerably less. Whatever the situation may be, there needs to be ample savings or insurance to cover it.
And lastly, who do you want to care for you if you are unable to care for yourself? Do you want your family to provide full-time care if needed? If that is the case, you will need to consider their ability to provide that medical care required, and their potential lifestyle changes to accommodate that need. Or would you prefer to plan in advance?