At some point in the future we’re all likely to need some type of long term care solution whether it’s living with a family member or employing a home health care professional.
The average duration of all that care may surprise you. The average stay in an assisted living facility is 29 months. A nursing home stay is likely to be 835 days, and around 20% of those will need care for longer than 5 years. In cases of dementia and Alzheimer’s, this stay is probably even longer.
– LongTermCare.gov, National Care Council, National Investment Center
The time to plan is now.
You’ve been working your whole life with a goal in mind; that you’d reach a certain age and live on your retirement savings. Serious illness can and will wipe out that savings, and, once you’ve become ill, it’s too late to qualify for a good long term care plan. The time to make your choices is before you’ve become ill or disabled.