Financial Information: Paying for Long Term Care

When it comes to long term health care, many Americans incorrectly assume that Medicare, supplemental policies or standard health insurance policies will cover the expenses. Consequently, many people do not plan ahead financially to provide for their care in the event of infirmity or extended illness. Costs of services provided by a nursing facility can exceed $50,000 annually, or more than $4,000 per month. Costs
for residing in an assisted living facility average $24,000 annually, but can cost much more in urban settings or if a resident needs a high level of services.

As these figures show, paying for long term care calls for financial planning for your health needs, especially as you approach retirement. The following information is designed to give you a better sense of the financial programs and options available, as well as the benefits you can expect.

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