Medicare.gov says that nine million Americans age 65 plus are receiving long-term care this year.  By 2020, that number will grow to 12 million.
 
If you’re a 65-year-old couple retiring this year, it will cost you a minimum of $240,000 just to cover your medical expenses. That’s 4% more than last year.
 
And the tab is only going to go higher. The average premium in 2007 for all kinds of long-term care insurance was $2207 covering five years’ worth of benefits.
 
Alternatives include adult day care centers at an average annual cost of $18,200 for five days of care per week.
 
Or in-home care at an average annual cost of $20,800 for four hours of care per day for five days per week.
 
A recovering patient may need in-home help with bathing or other personal needs that are not covered by Medicare and most health insurance plans although Medicaid does cover these needs for those with high disability and low income or savings.
 
The average annual cost of in-home aid is about $21,840. Remodeling children’s homes to accommodate aging parents’ needs, assisted living facilities, and conducting sufficient due diligence on nursing staff and other aids all factor into the mix.
 
These issues may be a huge concern for your clients and they may not tell you about them unless you ask. There are many ways you can support your clients as they deal with them.

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