From talking to our clients, we’ve discovered that very few of them have given much thought to end of life planning. While the topic may not be a pleasant one, whether or not you’ve planned in advance can have some serious consequences on your finances and the legacy you leave to your children and others.

Most baby boomers have not done end of life planning and have no idea what the projected costs of home health care or assisted living might be.

Here’s some sobering projections from the Genworth Cost of Care Survey (2014) for the greater NE Ohio area.

Type of Care Avg Cost 2014 Projected Cost 2029
Home Health Care (24/7 x 365) $13,746 per month $21,325 per month
Nursing Home Private Room $7,148 per month $11,136 per month
Assisted Living Private Room $4,525 per month $7,332 per month

Equally sobering is that the average length of care needed for men is 2.2 years and for women 3.7 years.

End of Life Planning

There are many solutions that planning can yield. Here are four:

  1. Self-Pay (No Risk Transfer. No Risk Management. Dollar for Dollar)
  2. Stand-Alone Long Term Care Insurance
  3. A Linked Benefit Product (Single Premium policy that includes life insurance & long term care coverage)
  4. Permanent Life Insurance plus a Long Term Care Rider or Chronic Illness Rider

If you’ve done no planning at all, then you’ve chosen option #1 by default. Unfortunately, the common first result from this option is answering the question: What asset(s) am I going to sell to pay for this care?

We can help. Call us today to speak to one of Specialists.  (330) 533-7941


About Gem-Young

Gem-Young is Western PA and the Mahoning Valley’s premier insurance and financial planning firm with offices located in Canfield and East Liverpool, Ohio. We are a locally owned, family-run business offering home and auto insurance, business insurance, life and health insurance, and a true wealth advisory asset management service. We believe in making a difference in our clients' lives.