What Are The Costs?

The average cost of a nursing home is about $55,000 a year. With the average stay being two and a half years, the cost totals more than $139,500. A modest assisted-living unit for one person can run about $27,000 a year. By 2020, total long term care expense are projected to be nearly $260 Billion annually. Medicaid: Before it begins to cover the cost of care, elderly people must deplete enough assets to qualify for aid. Medicare only covers six percent of long term are costs nationally. Inadequate Solutions: Medicare and Medicare Supplement insurance does not protect people from spending their savings on long-term care expenses. Medicare Supplement insurance (Medigap) only pays for Medicare deductibles and co-payments. Apply now while you are still healthy enough to receive affordable coverage.