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The Monmouth County Long Term Care Guide

The Monmouth County Long Term Care Guide

| August 05, 2019
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Need help planning for long term care in the Monmouth County, New Jersey? 

 

Check out our free guide on how to plan for nursing home assistance, assisted living facilities, and home health care in retirement.

 

According to the Department of Health and Human Services, retirees (ages 65+) have almost a 70% chance of needing a long term care service or facility including Nursing Home Care, Assisted Living Facility, Adult Day Care, and Home Health Care. 

 

Our guide will provide you how much these services cost in and around the Colts Neck and Monmouth County area, and how much they are projected to cost in the next 5 and 10 years. 

 

We will also show you how to plan for those costs in the future.

 

 

 

What is Long Term Care Insurance?

Long term care insurance helps pay for eldercare services you will need as you get older.  Traditionally, LTC insurance covers an individual that can not meet 2 out of 6 activities of daily living also known as ADLs.

 

Activities of Daily Living

  • Bathing and Showering
  • Personal Hygiene and Grooming
  • Dressing
  • Toilet Hygiene
  • Transferring and Mobility
  • Self-feeding

 

Long term care has come a long way in expanding their coverage.  Now retirees can use several methods of LTC to plan for the increasingly expensive services such as nursing homes, assisted living, and home health care as well.

 

Genworth's Cost of Care Survey states the median cost of LTC for nearby Trenton and Mercer County:

 

 

 

Long Term Care Annual Cost for the Trenton and Mercer County, NJ Area (2018)

·        Nursing Home Care (Semi-Private Room): $124,100

·        Nursing Home Care (Private Room): $135,050

·        Assisted Living Facility: $86,760

·        Adult Day Health Care: $22,100

·        Home Health Care (Homemaker Services): $54,912

·        Home Health Care (Home Health Aide): $54,912

The Cost of Home Health Care, Nursing Home Care, Assisted Living Facility, and Adult Day Care in Trenton, NJ and Mercer County Area (2018)

 

 

 

Projected LTC Annual Cost for the Trenton and Mercer County, NJ Area (2023)

·        Nursing Home Care (Semi-Private Room): $143,866

·        Nursing Home Care (Private Room): $156,560

·        Assisted Living Facility: $100,579

·        Adult Day Health Care: $25,620

·        Home Health Care (Homemaker Services): $63,658

·        Home Health Care (Home Health Aide): $63,658

 

 The projected Cost of Health Care,Assisted Living Facility, and Adult Day Care in Trenton NJ and Mercer County (2023)

 

Projected LTC Annual Cost for the Trenton and Mercer County, NJ Area (2028)

·        Nursing Home Care (Semi-Private Room): $166,780

·        Nursing Home Care (Private Room): $181,496

·        Assisted Living Facility: $116,598

·        Adult Day Health Care: $29,701

·        Home Health Care (Homemaker Services): $73,797

·        Home Health Care (Home Health Aide): $73,797

 

 The projected Cost of Health Care,Assisted Living Facility, and Adult Day Care in Trenton NJ and Mercer County (2028)

 

Long Term Care Solutions

  • Long Term Care Insurance - This is traditional long term care insurance that you pay regular premiums to prepare for future benefits.  

 

  • Life Insurance - With life insurance you can take get the best of both worlds, estate planning and long term care planning.  Some policies allow you to gain access to your death benefit while you're alive to help pay for nursing home, assisted living, and home health care.

 

  • Long Term Care Annuities - LTC annuities are hybrid annuities that are built just for long term care related services.  LTC annuities can double or triple your investment to pay for nursing home, home health care services, assisted living, and long term care, tax free.

 

 

 

Find Long Term Care in the Colts Neck and Monmouth County Area

·        Eldercare Locator

·        Nursing Home Compare

·        New Jersey Department of Aging

 

 

 

Want to find out the best way to plan for long term care costs?  Contact us for a free, no-obligation consultation.

 

Eric Leibowitz
AmBre Financial
283A Route 34
Colts Neck, NJ 07722
ericleibowitz@ambrefinancial.com
609-490-9830 w
732-308-0808 f
609-577-4487 direct-cell
  
www.ambrefinancial.net
  
 
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