“Inflation drives long-term care costs even higher. Here’s how planning ahead can help families afford it,” by Stephanie Dhue and Sharon Epperson
“High inflation will likely make the rising costs more difficult for many families to afford already expensive long-term care for ailing or elderly relatives. On average, long-term care costs $50,000 a year at home and $100,000 in a nursing home, according to Long Term Care Group. For a new policy with a $165,000 benefit, a healthy 55-year-old could pay $45,000 in premiums by the time they turn 85.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
This is an OK video on LTC planning and insurance. If it reflected reality, however, many more people would buy LTCI. The family in the video spent $300,000 for assisted living over four years before turning to Medicaid. Whether they knew it or not, that spend down was voluntary. If they’d consulted an elderlaw attorney, they could have qualified for Medicaid quickly and inexpensively. How many people actually do what this family did vs. how many take advantage of Medicaid’s generous and elastic eligibility? We’ll never know until analysts stop saying artificial spend down doesn’t happen and actually conduct the research that will show it is commonplace.
Subscribe to GoldenCare News