Citizens Federal Credit Union

Get Proactive With Nursing-Home Expenses

by Michelle M. Haas-Dosher, CCUFC / February 7th, 2016


The United States Department of Health and Human Services estimates that 70% of Americans who reach age 65 will need long-term care for an average of three years. The average annual cost of nursing home care is about $70,000 a year or about $6,000 each month.

According to seniorhomes.com, health-care plans and Medicare insurance account for only 3% of the cost of nursing home care.

Be proactive

It’s hard to predict what health issues may arise. But even if you’re relatively healthy, budgeting for long-term health expenses is imperative. The key to protecting your nest egg from nursing home costs is to take steps before the need for care arises, according to Forbes:

 

 

Before making a financial gift, become familiar with the five-year "look-back" period.


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Printed Thursday, February 21, 2019

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