Additionally, the cost of long-term care in Connecticut is steep and continually rising. As of today, the statewide average cost for a semi-private room in a nursing facility exceeds $151,000 per year, with an annual increase of approximately 5.1% since 1988. The last five years have seen an average cost inflation rate of 2.4%. With the average duration of stay in a nursing facility standing at 2 ½ years, the total cost of an average stay surpasses $375,000.

Understanding Medicare and Medicaid

It’s essential to recognize that Medicare provides only limited coverage for nursing facility expenses. Medicaid, on the other hand, often necessitates individuals to deplete nearly all their assets before qualifying for assistance. The rules governing asset transfers for Medicaid eligibility are strict and continually tightening. Consequently, approximately one in three individuals entering Connecticut nursing facilities as private payers eventually spend down their assets to qualify for Medicaid.

Taking Control of Your Long-Term Care Risk

While the risk of needing long-term care is real and the financial implications significant, there are ways to manage this risk. The Jones Group specializes in crafting personalized risk management solutions to protect your future and assets.

We encourage you to contact us today for a thorough analysis of your unique circumstances.

Our experienced team will work closely with you to design a long-term care insurance plan that ensures you’re prepared for any eventuality. With our guidance, you can take control of your long-term care needs and secure peace of mind for yourself and your loved ones.

Don’t wait until it’s too late, let us help you safeguard your future.