According to a recent article on CNN.com, “the average daily rate now for a stay in a nursing home is $183, or nearly $67,000 annually, an expense that after a few years would sink all but the very well-off. And prices will go up. If they rise a bit faster than inflation, by 2026 the daily rate could hit $486 a day, or $177,000 a year.”

With this rising cost of caring for America’s elderly, many are opting for long term care insurance, but understanding what you need and how much can be daunting. Robert Friedland, of the Georgetown University Long-Term Care Financing Project, says even people in their forties and fifties should recognize that they may have to pay for at least some long-term care.

But how do you plan for your financial needs and long term care?

AGIS, in their new Long Term Care module, offers many resources to help consumers map out their projected needs, including the Cost of Care and Long Term Savings calculators.

Filed under: AGIS, Long Term Care