Joey Romano/Edward Jones
You may never need any type of long-term care – but if you did, could you afford it?
It can be expensive. The median annual cost for a private room in a nursing home is about $105,000, according to the insurance company Genworth. But even if you never need a nursing home stay, you might require other services, which are also costly.
Generally speaking, you may want to factor in about two to three years’ worth of long-term care expenses in your overall financial strategy.
To prepare for these costs, you could self-insure by designating money in your investment accounts specifically for long-term care. But you’ll need to see how this move could affect your other financial goals.
You could transfer the risk of long-term care to an insurance company. A financial advisor can explain the available options. Or you could combine self-insurance with an insurance policy.
Whichever route you pick, you’ll be helping protect yourself – and possibly your family – from the potentially huge costs of long-term care. And that protection can help brighten your entire outlook.
This is Joey Romano, your Edward Jones financial advisor at (903-665-9965. Member SIPC