According to a recent article in US News and World Report, inquires about elder care services increase early in the new year. Families get together for the holidays, and adult children might notice that their parents seem overwhelmed or fragile. After the hustle and bustle of the celebrations calm down, they reassess their parents’ living situations. Often, the parents are simply tired and stressed from the busy season. Or they may need help. The new year is a good time to evaluate a family’s situation and be prepared for the future.
Long-term care for the elderly is increasingly expensive. The cost can add a huge burden of stress to an already difficult situation. Here are a few numbers to consider: (for more, click here.)
“68%: The probability that an individual over age 65 will become cognitively impaired or unable to complete at least two ‘activities of daily living’ – including dressing, bathing or eating – over his or her lifetime.”
“$41,000: Average annual base rate for residence in assisted living facility, 2012”
“$1,831: Average annual premium for long-term care policy purchased by person age 55 or younger.”
“3,421: Average annual premium for same policy purchased by an individual age 70-74.”
Long-term care premiums are less expensive if purchased at a younger age, but even if you wait until you’re older, there are reasonable rates available. It’s worth it to offset the enormous cost of care, for your parents or for yourself.
Find out more and get a quote from us here.