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Planning how to pay for expenses associated with long-term care is something women need to think about for themselves and for their parents. Long-term care is not only costly; it’s a very real possibility. Currently there are about 2.4 million people living full time in nursing homes and another 10 million who receive long-term care at home, in adult day care facilities, and in the growing assisted living care setting. Half of women who are 65 will need a nursing home at least once. With nursing home costs averaging about $40,000 a year and often twice that amount in some areas of the country, the costs of long-term health care can quickly drain a retirement account. The cost of home health care can equal or exceed the cost of a nursing home stay.*
Keep in mind that Medicare does not generally pay for long-term care expenses. Medicare supplements insurance or the major medical health insurance provided by most employers. Nationally, individuals and families pay one-third of all nursing home expenses out-of-pocket and about half are paid by state Medicaid programs. Long-term care insurance is an option to help you pay the cost of long-term care services.
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To give you an idea of how long your savings could support you while paying long-term care expenses use this calculation: Divide your total assets by $40,000 (the average cost of one year in a nursing home) to find the number of years you could support yourself. *
Women buy over 60%* of the long-term policies in the U.S. For some, a long-term care policy is an affordable and attractive form of insurance. For others, the cost is too great, or the benefits they can afford are insufficient. Sometimes adult children have an employer sponsored insurance option for parents' long-term care. Alternatively, children can split the premium on a policy for their parents. For a Shopper's Guide to Long-Term Care Insurance, call the National Association of Insurance Commissioners at (816) 842-3600.
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