ODDS ARE HIGH THAT someone in your family will need a nursing home sooner or later. Someone turning age 65 today has almost a 70% chance of needing some type of long-term care, and 20% of people will need it for longer than five years, according to LongTermCare.gov. The average cost of nursing home care is so high that the cost of that care can financially cripple a family. But there are steps you can take – whether a nursing home is needed now, next month or next decade – to minimize the financial strain of nursing home costs.
There are many ways to cover the costs of long-term care, including savings, investments, assets, long-term care insurance, state LTC Partnership programs, the Federal LTC Insurance Program and tax advantages. Care Conversations, an initiative led by the American Health Care Association, the National Center for Assisted Living and America’s Skilled Nursing Caregivers, offer a helpful list of these private and public payment sources in greater detail.