Long-term Care Insurance Affordability
Long-term care can be a major expense for older Americans. Long-term care services can include inhome care, staying in assisted living or other alternate care facilities or nursing care stays. The costs of long-term care may vary by service type and state, but the 2009 national averages for care services include:1
- $17.48 per hour for a Homemaker Services.
- $18.50 per hour for a Home Health Aide Services.
- $2,825.25 per month for care in an Assisted Living Facility (private one-bedroom unit).
- $183.25 per day for a semi-private room in a nursing home.
- $203.31 per day for a private room in a nursing home.
Long-term Care – Options Evolve Based on Need
As we age, the chance that we'll need long-term care rises. Many long-term care insurance contracts provide benefits and riders that can be purchased to provide home care (either formal or informal), so you can keep your long-term care options open.
The costs go up in correlation to the need for more experienced care. Assuming the average need for long-term care services is three years, then no matter which service you might need, it can still take a toll on your retirement savings.
Long-term care insurance can help defray these costs. Contact a Thrivent Financial representative to discuss a plan that could protect you – and your savings – for the long-term.
1Genworth Financial, Inc. and National Eldercare Referral Services, Inc. (CareScout). Genworth 2009 Cost of Care Survey. Virginia. April, 2009. p. 3.
Helpful Resources
National Clearinghouse for Long-term Care Information
Created by the U.S. Department of Health and Human Services, this site offers a broad range of long-term care resources and planning suggestions.
Medicare
The official government Medicare site. Go to "Search Tools" then go to "Compare Nursing Homes in your area."
Administration on Aging
Official government site on aging. Statistics and other information related to aging and long-term care.
VA Programs for Seniors
Information on senior Veterans Administration (VA) benefits, including a link to information about VA long-term care benefits.
Social Security Administration
Provides consumer information about Social Security. Links to statistical information related to disability and long-term care.
Long-term care insurance is marketed through Thrivent Financial for Lutherans' wholly owned subsidiary insurance brokerage agency.
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