As of 2000, 35 million Americans were age 65 or older. This is a 12% increase since 1990.
Of this figure, 43% are likely to require nursing home care.
How is Long-Term Care Financed?
▫ 43% Private Pay – Average private pay is $6000.00/month
▫ 47% Medicaid – Joint federal and state needs program
▫ 7% Medicare – Pays only for skilled nursing care for a limited time
▫ 2% Miscellaneous
▫ 1% Long-Term Care Insurance
WHY PLAN?
With the average cost of a nursing home being $6000.00, it does not take long for a person to spend their life savings. Also with the constant changes in Medicaid regulations, it has become essential to plan for the future and to plan early.
