They say that the numbers don’t lie, and this is certainly the case when considering the possibility of needing long-term care.
Most people for example, expect to live until they’re at least 65. If you reach that birthday, studies show that men have a 60% chance of living until the age of 80. For a 65-year-old woman, that number increases to 71%.
But the older you get, the more likely you are to need assistance. An estimated 70% of people over the age of 65 will require some sort of long-term care and 40% will need a nursing home.
In 2012 the average cost for a single day in an Oklahoma City nursing home was $197 and the National Nursing Home Survey results indicate that the average length of stay is 835 days. Multiply $197 by 835, and you’re looking at a bill around $164,495.
In addition, 10% of people in nursing homes require extended long-term assistance and can expect to incur these expenses for five years or more.
Now, Medicare is thought by many to be the answer to this particular problem but in truth, Medicare doesn’t pay for long-term care.
That leaves Medicaid, a program that will certainly absorb these costs, but only after you’ve met certain financial eligibility requirements.