{"id":47350,"date":"2018-04-18T04:15:32","date_gmt":"2018-04-18T11:15:32","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=47350"},"modified":"2023-12-23T08:47:32","modified_gmt":"2023-12-23T16:47:32","slug":"4-things-everyone-should-know-about-the-cost-of-growing-old","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id47350-4-things-everyone-should-know-about-the-cost-of-growing-old.html","title":{"rendered":"4 Things Everyone Should Know About the Cost of Growing Old"},"content":{"rendered":"

\"long<\/a>Many young, healthy Americans probably aren’t aware of a very troubling possibility that could ultimately affect them down the road: There’s a good chance they could spend the later years of their lives in long-term care — a situation that could drain their finances and leave them dependent on the government to survive.<\/p>\n

“Families go broke quickly trying to provide long-term care for a loved one,” says nationally-recognized healthcare expert Chris Orestis who also serves as the Executive Vice President of GWG Life, and author of the books Help on the Way<\/em> and A Survival Guide to Aging<\/em>.<\/p>\n

According to Orestis, who has more than 20 years of experience in the insurance and long-term care industries, “Too many people wait until they’re in the middle of a crisis before they start trying to figure out how the world of long-term care works.”<\/p>\n

If you’re convinced that long-term care is something that happens to others, but not to you, you could be right.<\/p>\n

But the odds aren’t reassuring. Roughly half of Americans<\/a> who live beyond 65 (47% of men and 58% of women) at some point will require at least some form of long-term care, according to the National Association of Insurance Commissioners.<\/p>\n

And that could prove financially problematic.<\/p>\n

The average monthly nursing-home cost is $7148 for a semi-private room and $8121 for a private room, according to the Genworth 2017 Cost of Care Survey. The average monthly cost for an assisted-living facility is $3750.<\/p>\n

But don’t despair just yet, Orestis says. Like so many things in life, tackling the problem of paying for long-term care begins with educating yourself. A few factors related to the cost of growing old<\/a> that are important to know include:<\/p>\n