October 27, 2009

Long-Term Care Costs: Calculated

Few among us are 100% sure of having the all of the resources necessary to fund long-term care in our elder years. For anyone who has a question about costs for assisted living, home health care and nursing home care, Northwestern Mutual is rolling out a Long Term Care Cost Calculator.

Even for clients themselves may not need this if they are truly wealthy, what about their extended family, or trusted family retainers, once they reach old age?

Northwestern Mutual notes that its research in this area points to very different cost scenarios in different geographic areas across the U.S. "Planning for long term care is about protecting both your assets and your lifestyle when you are unable to care for yourself; this new calculator helps educate consumers about the potential cost of a long term care event and how it can vary by age, location and length of time the care is needed," according to Terence Holahan, who led a study of long term care costs at Northwestern Mutual.

The study notes that, "Nearly seven in ten (68%) Americans have a family member or close friend who has been in a nursing home or received long term care in the past 3 years(3)," according to the October 26 company announcement.

Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.

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