Understanding what benefits you have or may qualify for is a critical part of planning for long-term care, experts say.
Fleming said her mother, Toni Arfa, has Alzheimer's disease and is now in an assisted living facility that costs about $8,000 a month."She doesn't need skilled nursing. She just needs to be safe," Fleming said. Insurers are"very afraid of what they call the tail risk, which is people who need care for a very long period of time," Gleckman said."It's really expensive for them."Premiums for a healthy 55-year-old woman can range from $1,500 to $7,000 a year, depending on the benefits, according to the. If she's healthy at that age, the cost averages about $3,700 a year for a benefit that grows at 3% yearly and would yield a benefit of about $400,000 at age 85.
"We're both really aware that long-term care insurance would be a very smart investment right now. Not just for us, but for our kids," Hachenberg said."It's important to be comfortable with the facility that you're going to be moving in, and feeling safe and feeling accepted and feeling supported," said Alexa Fleming."If you don't have the funds to be able to do that, it's not going to be a great end-of-life experience for you.
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