Financial Planning Cafe
Long Term Care Costs
The national average annual long term care costs of a nursing home stay is over $95,000 and ever-increasing. The survey below puts the cost in the NY metro area at more than $155,000 per year. These are daunting amounts and provide a reason to address the issue before you are forced to do so for yourself or a loved one. When most consumers consider long term care it is in response to marketing efforts by law firms and insurance companies. Are you able to determine how much of the information you are presented with is a scare-tactic to get you to "buy" and how much is objective data you can rely on? Unfortunately, there is a high probability we will need long term care and the costs are significant. Is it time to look at your situation and options with objective advice?
Fee-only financial planners like HIGHLAND Financial have the education, training, and knowledge of a client's total financial picture to help clarify the potential risks and the costs associated with mitigating that risk. Fee-only planners receive all of their compensation from clients directly and have no financial incentives (e.g. commissions) to sell you more than you need. Too often people are scared into an insurance policy or elaborate estate planning without objective advice on options and unintended consequences of their actions. A solid financial plan should include insurance and estate planning in the context of the overall picture.
Please contact us if you would like assistance evaluating your situation. See the link below listing of the 20 most expensive markets for nursing home care.
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