Paying for Long-Term Eldercare

A healthcare executive in Los Angeles, Jacob M. Graff has served as chief executive officer of an eldercare company since 1986. In addition to acquiring and maintaining a variety of eldercare facilities, Jacob M. Graff has overseen renovations and the construction of new wings.

In the United States, nearly 70 percent of adults over age 65 will require long-term care at some point.

Depending on the level of care required, long-term care can cost anywhere from $20,000 to $100,000 per year, and it is typically not covered by health or disability insurance. On average, men require this care for approximately three years, while women average just under four years. To protect themselves from this financial burden, many families choose to purchase a long-term care insurance policy.

These policies can help broaden seniors’ options when they can no longer live at home. Most long-term-care policies can cover all levels of care, from skilled care to custodial care to in-home assistance. In the event of long-term illness, they allow seniors the ability to maintain their standard of living, preserve their retirement funds, and protect their families from substantial care costs and even debt. Individuals should work with a trusted advisor to ensure they choose an appropriate policy.