Be Prepared For Long-Term Care Costs


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MINT HILL, NC – You may never need any type of long-term care – but if you did, could you afford it?

It can be expensive. The median annual cost for a private room in a nursing home is about $105,000, according to the insurance company Genworth. But even if you never need a nursing home stay, you might require other services, which are also costly.



Generally speaking, you may want to factor in about two to three years’ worth of long-term care expenses in your overall financial strategy.

To prepare for these costs, you could self-insure by designating money in your investment accounts specifically for long-term care. But you’ll need to see how this move could affect your other financial goals.

You could transfer the risk of long-term care to an insurance company. A financial advisor can explain the available options. Or you could combine self-insurance with an insurance policy.

Whichever route you pick, you’ll be helping protect yourself – and possibly your family – from the potentially huge costs of long-term care. And that protection can help brighten your entire outlook.

If you have any questions, please contact me at (980) 859-2549 or by e-mail at Brandon.Monette@edwardjones.com

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

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