How To Plan For Long Term Care

How can I plan for long-term care?

As far as how you or I or anyone else can plan for long-term care, I would say the biggest and most important thing to do is plan on amassing a whole lot of assets. Long-term care is quite expensive. Probably the lowest price is generally going to be at least $2,000 a month and there is a lot of variability from state to state. In a nursing home, it would be more like $4,000 a month or more, and so you can burn up quite a bit of assets pretty quickly. Thinking about long-term care insurance is certainly something that should be considered and also knowing what your family resources are and what the expectations are can be helpful.