It is becoming even more important to know the facts about your long term care insurance options. That's because the cost of long term care continues to rise rapidly.
The average cost of nursing home care in the US is currently about $56,000 per year. While the cost of long term care varies with location and service level, in certain areas of the country it is as high as $100,000 per year. The average length of a stay in a long-term care facility is 3.1 years, so this represents an average cost of between $170,000 and $310,000.
The fact is it can be even worse than that, because a nursing home stay is preceeded by home health care services for a considerable period of time. So your available funds will have been severely depleted even before dedicated long term care is required.
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