According to the article, the mediun annual income for seniors is $18,000 to $20,000. The average cost of assisted living is $35,000. Also, seniors who remain in their own homes have higher mediun incomes, from $22,000 to $30,000, and a higher net worth. Still this is a shockingly low amount to live on with prices what they have become in the last few years.
For the first time, the continuing care communities which had huge upfront fees offer a better financial solution. They go on to say that it is unclear how the seniors are managing to make ends meet. Less than 8% receive help from their adult children.
Long-term care insurance has helped a number of them to survive, with 9 to 14% of of them paying all or part of their assisted living costs with it. This makes such an insurance policy very useful, and may be something to consider for us baby boomers as our time to be concerned about this is imminent.
For more information about Long Term care insurance, SC Homeowners insurance or car insurance for Myrtle Beach, visit www.carolinapolicies.com or contact Scott Todd's Allstate office in North Myrtle Beach.