Long-Term Care
When You Can No Longer Care For Yourself
An often overlooked aspect of financial planning is long-term care. Did you know that 70% of people who reach the age of 65 will need medical care at some point in their lives? We often worry about retirement or investments, but that’s not the only priority to have when thinking about your health and wellness down the road.
What Is Long-Term Care?
Long-term care refers to the range of services people may require when they have a chronic illness or disability. These services can include assistance with daily activities like personal hygiene, basic needs such as eating, and running errands. Care like this can be provided in a multitude of settings including nursing homes, in-home care, and assisted living facilities.
The Cost of Long-Term Care
Unfortunately, long-term care, in most forms, can be incredibly expensive. In the state of Virginia, the average cost of these services can vary widely. In Richmond, the average cost for in-home care is $41,237, assisted care is $48,216, and nursing care is $91,838. Long term care coverage can be instrumental in helping afford these costs.
What Are Your Options?
In-Home Care
Paying for a caretaker or nurse to provide in-home support.
Assisted Living Facility
Communities that provide for lifestyle and freedom but offer support when needed.
Nursing Homes
Round-the-clock care for intensive health or wellness needs.
“We began working with Geoff at Commonwealth in 2019 when our child was born. He took the time to come to our house, ask a lot of questions about our current situation and what we wanted in the future for us and our son. We weren’t sure what to do and he was very patient and put a strategy together. We feel so good about what we have done and sleep better at night knowing we have a plan in place.”
Sara R.
It's Time to Assemble Your Long-Term Care Plan.
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