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.
This content was provided by Edward Jones for use by Carol Crowley, your Edward Jones financial advisor at 386 West Main St. Northborough, MA 01532 (508)393-5195.
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