A nursing home stay can be financially devastating to the family that is not prepared. Ponder these average 2005 U.S. costs from the National Clearing House on Long-term Care:
- $5,566 a month for a semi-private room in a nursing home
- $6,266 a month for a private room in a nursing home
- $2,968 a month for care in an assisted living unit
- $19 per hour for a home health aide
LTC insurance is often the most economical way to pay for the cost of long term care. LTC policies can vary dramatically from one insurance company to another. A CERTIFIED FINANCIAL PLANNER™ professional or Long Term Care Specialist (LTCS) can help you sift through the complexities in determining which features you may need and how much coverage is sufficient.
*Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.