Rising Costs of Long-Term Care

The 2011 Met Life Survey of Long-Term costs reveals......surprise, surprise, costs have increased in the past year. According to the survey:

• the national average daily rate for a private room in a nursing home was $239 in 2011;
• the national average monthly rate for assisted living care was $3,477 in 2011; and
• the national average hourly rate for an in-home health aide was $21 in 2011.

As the baby boomers continue to age and the average life expectancy of Americans goes higher, long-term care will become an issue for more and more families. Whether it is the person needing the care or the family member who gives or coordinates care, this issue will grow and grow. As a result, people are increasingly turning to long-term care insurance. Before doing so, educate yourself. If you live in Wisconsin, I recommend reading materials created by the Office of the Commissioner of Insurance. Not all policies are created equally.

Remember, a blog is not an attorney. I encourage all readers to seek legal and or tax advice from a licensed professional in his or her state.