Have you started the conversation with your parents and older family members about long term care? With the cost of nursing homes of the rise, there has never been a better time to look into a long term care plan for your family member.
A private room in a nursing home is roughly $8000 a month, that’s $96,000 a year! That can wipe out a person’s lifetime savings pretty quickly. A better plan is to have a Long Term Care policy in place that covers the cost of room and board should you need it. The cost of a policy does depend on a number of factors including age and location. It is always best to meet with an advisor to learn about the options that are available to you as each person’s needs are different.
The time to start planning is now.
Lauren Mitchell
Co-owner of The Mitchell Brokerage- big fan of plants and chocolate- mom and wife.