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COSTS OF LONG-TERM CARE

Today more and more individuals are worried about the concern for one day needing long- term care services and are worried about the financial burden it will have on them and their family.

The average private pay rate for a semi-private room in a South Dakota nursing home in 2014 is $199 a day, or over $72,600 per year. The average cost for a day in a South Dakota nursing home has increased annually. The average length of stay is 2.5 years, bringing the cost of an average stay to $181,600.

Long-term care insurance can be the answer for many people because nothing else covers long-term care costs; not health insurance, not disability insurance, not even Medicare.

However, long-term care insurance policies may not be the best option for all South Dakotans and you should think carefully before purchasing one. Buying a long-term care policy should not cause financial hardship and make you forego other financial needs. Each person should carefully examine his or her needs and resources to decide whether long-term care insurance is appropriate. There are many decisions to be made and care choices to discuss with your family and close friends, so others are aware of your care needs.

Learn more about Purchasing a Long-Term Care Partnership Policy.