A Charlottesville Follow-Up to our Long-Term Care Conversation
You may have caught my segment on Today y Mañana, a local Charlottesville podcast we are hosting through the iLoveCville network every Thursday at 10:15 am (You can check it out here). If you did not manage to tune in (you should!), our topic of discussion was Long-Term Care Insurance in our domestic market of Charlottesville, Virginia from a financial planning standpoint.
The cost of healthcare is rising and has been for years. Since 2000, it has been one of the highest inflated areas of the economy, more than even college tuition. Let’s dive quickly into some numbers to highlight this change. Special shoutout to Genworth as well for their calculator that generates these costs.
How much is Home Health care in 2020 in Charlottesville Virginia?
Homemaker services and home health aide are when aides come to your house to assist in daily tasks, assisted living facilities are similar only that you are living on location in a facility, and a nursing home facility are for those who require greater supervision and care.
Homemaker Services, 2020: $5,148
Homemaker Health Aide, 2020: $5,148
The cost of Assisted Living Facility, 2020: $5,893
The cost of a private room in a Nursing Home Care, 2030: $8,060
Let’s be clear that these are not yearly costs, these are monthly costs. That means the cost, per year, of the first three will run at roughly $66,000 while the private room will cost you an average of $96,720.
Per year.
That’s extremely expensive for anyone, but especially for the average American, many of whom never make near $100,000 a year.
And these costs are only going to rise in the future. In 2030, these costs will go up even more.
Homemaker Services, 2030: $6,918
Homemaker Health Aide, 2030: $6,918
The cost of Assisted Living Facility, 2030: $7,920
The cost of a private room in a Nursing Home Care, 2030: $10,832
If you are not prepared for these costs, and eventually require these services, not having the correct insurance or income generating investments to cover them could be financially devastating. Understanding and analyzing these costs is an important element of financial planning.
Being prepared is the first step to financial health and longevity. The ability to prepare for retirement by creating an efficient cash flow and protecting those cash flows through the appropriate suite of risk mitigating strategies, such as long-term care is key in achieving a stress-free retirement. Financial Plans are instrumental in achieving that peace of mind.
I’m Nickolas Urpí
from Emergent Financial Services
Consider reaching out to us for your financial planning needs and peace of mind.
And catch us on Today y Mañana! every Thursday at 10:15 am on the iLoveCville network for talk about finance, financial planning, Charlottesville and Central Virginia businesses.
