In 2006 a private room in a nursing home cost approximately $206 per day. That amounts to a whopping $75,000 annually.
How long would your assets last at that cost? Statistically, long term care bankrupts nearly everyone who needs long term care on a long term basis and is without a long term care insurance policy.
A semi-private room costs about $66,000 annually.
It is projected that a private room within a couple years will cost upwards of $94,000 per year. Ouch.
The government seems burdened with a lot of other issues these days, including a baby boomer generation that is now retiring. How they handle the long term care of this generation is to be determined. You would be greatly served by protecting yourself and your assets with a LTC policy.
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