Long Term Care Costs Increase
04/27/2010
Long term care insurance may be used to cover the costs incurred by receiving assistance for daily activities like bathing, dressing, eating and more.
This coverage may become increasingly valuable as the services it covers increase in price. A recent report by Genworth Financial showed that costs for adult day health care and assisted living facilities have grown by 12 percent in comparison to 2009 figures. Costs for homemaker and home health services have remained more stable, increasing 3 and 2.7 percent, respectively.
Almost two-thirds of people age 65 and older currently require long term care, according to the report, while about 40 of those using these services were aged 18 to 64.
"Unfortunately, long-term care expenses can deplete a family's hard-earned savings," the report said. "Early conversations about care preferences and expectations - and how to fund costs and protect assets - before the need arises can help families address this issue."
A recent provision in the Patient Protection and Affordable Care Act may make these services more affordable for many Americans. The Community Living Assistance Services and Support Act offers at least $50 a day to eligible individuals.
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