Preparing for Long-Term Care Costs: What to Know

Long-term care costs continue to rise, but few Americans are prepared to pay for them. Unfortunately, that means that many Americans face poverty in retirement. Even for those who don’t want to live in a nursing home, the costs of living at home can be too much for your family to bear.

However, by taking some necessary steps now, you can better prepare yourself to deal with the high costs of elder care after retirement. You can avoid surprises and unexpected expenses, preventing you from choosing between your hard-earned wealth and the care you need.

The Problem: High (and Rising) Rising Long-Term Care Costs

Few people expect to require a nursing home, but 70% of American adults over age 65 will eventually require long-term care, according to A Place for Mom. That can be expensive, with monthly nursing home costs coming in, on average, between $8,000 to $9,000. For those facing debilitating illnesses like Parkinson’s or Alzheimer’s Disease or conditions like dementia or Lewy body dementia, these costs can skyrocket.

With the average long-term stay at around 3.5 years, these costs can be financially ruinous. And it gets worse: many families must pay these expenses out of pocket. Retirees often expect Medicare to cover these costs, but they do not, and Medicaid only comes into effect once a senior has exhausted all other resources.

That means even after a lifetime of prudent living and careful planning, long-term elder care costs can force people to spend down their assets to finance their stay. However, one option is available to help you pay for elder care costs.

Long-Term Care Insurance: A Cost-Effective Solution to Elder Care Costs

Middle-class families have one option to help them cover elder care costs. Long-term care insurance can be purchased for as little as around $900 per year for a 55-year-old adult. Different plans are available at higher premiums and include increasing benefits each year should the plan be used.

Even with the recent price increase, these plans are highly affordable for older adults. While people may balk at the price of this insurance, it provides great value, covering many of the annual costs of assisted living. This can even be less expensive than intergenerational living once all the costs are tallied.

Enjoy Affordable Long-Term Care Costs in Tampa Bay

Tampa Bay is one of the most popular regions for retirees to spend their golden years in the United States. Communities within the region’s megacities of Tampa and St. Petersburg can easily access major amenities and endless entertainment options. On the other hand, residents in cities and towns of Pinellas County and Pasco County realize cost savings while being close to what the cities offer.

With Comfort and Care of Tampa Bay, your loved one can stay in a great location at an affordable long-term living facility. We offer amazing value for patients and close, dedicated care, including for those suffering from chronic illnesses. Contact us today to find out how we can serve you or your loved one!


We serve the following areas: Pinellas County, Pasco County, St. Petersburg, Fl, Tampa, Fl