Couples Score Big Savings on Long Term Care Options
Types of Long-Term Care Options
Couples have several options when it comes to long-term care, including in-home care, assisted living facilities, and nursing homes. Each option varies in cost and level of care provided. In-home care is often the most cost-effective, allowing couples to maintain their independence while receiving necessary support. Assisted living facilities offer a community setting with varying levels of assistance, while nursing homes provide comprehensive medical care for those with significant health needs.
According to Genworth's 2023 Cost of Care Survey, the national median cost for in-home care is approximately $4,500 per month, while assisted living facilities average around $4,300 per month. Nursing homes, on the other hand, can cost upwards of $8,000 per month3.
Maximizing Savings Through Strategic Planning
To maximize savings, couples should start planning for long-term care early. By purchasing insurance while still in good health, couples can lock in lower premiums. It's also beneficial to explore hybrid policies that combine life insurance with long-term care benefits, offering both coverage and a potential return on investment if care is not needed4.
Additionally, some states offer partnership programs that protect a portion of your assets if you need to apply for Medicaid later. These programs can be a valuable resource for couples looking to safeguard their savings while ensuring access to necessary care.