Paying for Long-Term Care

You might already know that paying for long-term care can be very expensive. That’s true whether the care is in-home care or in a facility. And the costs associated with facilities vary widely (though all seem expensive). Just to set a benchmark for discussion, look at Genworth Financial‘s estimate of long-term care costs in different communities across the country. According to Genworth’s figures, nursing home care in a semi-private room in Tucson is about $9,125 per month. Want a private room? Add a little more than $2,000 every month. Do you know how you will pay for long-term care for yourself, your spouse, your parent(s) or other family members? Most of us don’t really have $10,000 per month in discretionary income. Thinking that you won’t have to worry about paying for long-term care because you intend to stay at home? Think again. The costs of in-home care will probably be greater than nursing home care. Perhaps you’ve thought about securing long-term care insurance. In this week’s podcast episode, we talk about insurance, public benefits and other ways you might be paying for long-term care costs in your family — or for yourself. Join us for our discussion about the issues and options.