Phil Cannella Media: Phil Cannella Explains Long term care service costs – Phil Cannella Media

June 3, 2014
Phil Cannella
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Phil Cannella • Phillip Cannella

Phil Cannella – Phillip Cannella Media: Phil Cannella’s idea of retirement is one when all the headaches of financial concerns are behind you, leaving you free to focus on the sweeter things in life.  Long-term care costs in the United States are so high that in theory, every retiree should be a multimillionaire when entering retirement.  With the costs of long-term care services skyrocketing over the years, retirees have become a source of sustainable wealth for much of the medical industry.

Phillip Cannella • Phil Cannella

Phil Cannella maintains that retirees should remain hopeful they will never become fully dependent on long term care services, but it is important to be prepared in case these services do become a necessity.  According to the Department of Health and Human Services (HHS), about 70 percent of people aged 65 and older will need some type of long term care service.  Once the bills start coming in for these services, retirees will quickly realize this long term option is realistically only affordable in the short term.

Phil Cannella has done research that suggests the median cost for living in a semi-private nursing facility in Pennsylvania is $91,652 for 2012, and fully private nursing facilities are even more expensive.  Other common long term care services, like assisted living or adult day care, can quickly add up to tens of thousands of dollars annually.  These costs don’t even consider the countless other expenses one faces in their retired years, such as medical and leisure expenses.

“It breaks my heart to think there are people out there living in unsatisfactory conditions because the outrageous costs of long term care is not within reach for them, but there are solutions available that people need to get educated on at an early age.” says Phil Cannella.

 

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