Planning for Long-Term Care

The Administration on Aging reports that 20% of people over age 65 will need long-term care at home or in a facility for more than five years. The Ohio Department of Medicaid notes that the average cost for one person to reside in an Ohio nursing home is $7,787 per month, which is more than $465,000 for five years of care. Despite these statistics, many Ohioans have not started planning for their long-term care.

One option is to purchase a long-term care insurance policy, which pays for medical care in a nursing home, assisted living facility, or at home. Information about these policies is available on the Ohio Department of Insurance’s website and an experienced insurance representative can explain eligibility, options, and policy benefits.

Another option i

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