March 2023 Sivia Segment: Don’t Get Robbed By Costs Of Long Term Care
If you aren’t looking to give away $255,000, then you should really look into some of your planning options. On average, private pay is $8,500 a month in which the average nursing home stay is 36 months. Consequently, if you are requiring an Alzheimer's stay, on average, people will spend approximately $510,000 over a 60 month stay.
A majority of people require long-term care when they suffer from a permanent disability, mental incapacity, or health condition which will prevent the person from caring for their needs. Due to the fact that no one can know for sure if they may need long-term care or the level of care they may require, it is generally best to plan for the worst-case scenario so the funds and resources are available should that scenario become reality.
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