“40% underestimate assisted living costs”

“40% underestimate assisted living costs,” by Lois A. Bowers, McKnight’s Senior Living

“The median midpoint of a family’s monthly budget for assisted living was less than $3,500 based on more than 40,000 families of residents who moved to one of the company’s partner communities between January 2014 and February 2016, writes Ben Hanowell in a blog post. The actual median monthly cost, however, is more than $3,800, he adds. . . . Lacking community-specific information on provider websites, resources such as Genworth’s Cost of Care Survey or A Place for Mom’s Senior Living Cost Index may help prospective residents and their families more realistically plan for expenses, Hanowell said. Lincoln Financial also has provides data via its What Care Costs study.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
LTCI producers perform a valuable service when they educate prospects and clients about the true costs of long-term care.

40% underestimate assisted living costs