In-home or nursing home care isn’t the type of thing we like to think about. But the reality is someone in your family is likely to need it which could bring on a financial burden.
But what about your parents? Will you be out of pocket for your parents’ care one day? It’s not a fun conversation but it’s a prudent one to have as you work on your financial planning.
The fact is 7 out of 10 people will need long term care. In 2017, the median cost of private nursing home care was $92,378. The cost is expected to grow to $166,845 in the next 20 years.
Click play in the video above to watch Chris Heerlein discuss the intricacies surrounding the question, “Should I get long term insurance care?”
The REAP Financial team has prepared a new report called, “But what if you need long term care” which can help your planning and preparation. You can get your free copy by emailing email@example.com.
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