Originally published March 20, 2018 on NY Daily News
By Chris Orestis
Many young, healthy Americans may not realize that they share something troubling in common with each other.
There’s a good chance they could spend the later years of their lives in long-term care, a situation that might drain their finances and leave them dependent on the government to survive.
Families go broke quickly trying to provide long-term care for a loved one. Unfortunately, too many people wait until they are in the middle of a crisis before they start trying to figure out how the world of long-term care works.
If you’re convinced that long-term care is something that happens to others, but not to you, you could be right.
But the odds aren’t reassuring. Roughly half of Americans who live beyond 65 (46.7% of men and 57.5% of women) at some point will require at least some form of long-term care, according to the National Association of Insurance Commissioners.
And that could prove financially problematic.
The average monthly nursing-home cost is $7,148 for a semi-private room and $8,121 for a private room, according to the Genworth 2017 Cost of Care Survey. The average monthly cost for an assisted-living facility is $3,750.
But don’t despair just yet. Like so many things in life, tackling the problem of paying for long-term care begins with educating yourself. A few factors related to the cost of growing old that are important to know include:
Many people don’t really grasp how much it can cost to grow old, partly because it’s hard for them to think of themselves in a nursing home some day. But if you take the time to understand what it all means – and the options you have for paying for long-term care – then you can avoid putting your older self in a precarious financial position.
Do you have senior clients who no longer want, need or can afford their life insurance premiums? Contact CPS Vice President of Life Sales and Marketing, Rob Reedy, at email@example.com or call direct at 949.225.7109 to learn more about how LifeCare Xchange® may be able to help you provide a solution for them.
Chris Orestis, Executive Vice President of GWG Life has more than 20 years of experience in the insurance and long-term care industries and is nationally recognized as a healthcare expert and senior care advocate. He is a former Washington, D.C. lobbyist who has provided legislative testimony; the author of two books: Help on the Way and A Survival Guide to Aging; a frequent columnist with a currently popular series titled “The Healthcare Hunger Games,” and has been a featured guest on over 50 radio programs and in The New York Times, The Wall Street Journal, USA Today, Kiplinger’s, Investor’s Business Daily, PBS, and numerous other media outlets.