Long Term Care Eats Real Estate, Says Rhonda Guilin, a California Expert, But LTC Insurance Can Save Homes
A soft real estate market calls for hard measures to protect one's assets
(EMAILWIRE.COM, January 09, 2008 ) Brea, California – The rising cost of long term care has become a monster capable of devouring American homes in large, quick bites. So says Rhonda Guilin, a Partner of LTC Financial Partners, with offices in Brea, California.
"We've translated health-care dollars into square feet of real estate," says Guilin, "the homes we spend our lifetimes acquiring and improving." LTC Financial calculates that the current cost for a single day of long term care roughly equals the selling price of two square feet of the average American home.
The average rate for a private room in a nursing home is about $70,080 a year, according to the latest MetLife Market Survey of Nursing Home and Home Care Costs, released in September, 2004. That's about $190 a day, double the value of a square foot of the average American home at today's selling prices. According to the National Association of Realtors, the median price for US homes in June of 2005 was $219,000. With an average 2,300 square feet per home, that equals $95.22 per square foot, about enough to pay for half a day of long term care. The ratios vary, of course. Here are some examples:
* 1,600 square-foot home in Andalusia, AL: $136,739
2.25 - Square feet eaten by one day of long term care
* 2,588 square-foot home in San Diego, CA: $650,000
0.76 - Square feet eaten by one day of long term care
* 1,530 square-foot home in Flora, IL: $92,000
3.19 - Square feet eaten by one day of long term care
The less a home is worth, the bigger the relative LTC bite. For example, consider a 1,855 square-foot home for sale at $44,900 in Elmira, New York. It would be "eaten" at the whopping rate of 7.93 square feet a day! "If you're not protected by insurance, figure that for every day you're laid up, there goes another sizeable chunk of your home," says Guilin. LTC Financial has calculated that rural Americans stand to lose about an acre a day of prime farm or ranch land.
What's the solution? "To save your home, estate or farm, get the right type of long term care insurance, and get it fast," says Guilin. "It can be very affordable. Many people are surprised when they learn the monthly rates and the tax breaks." A free informational guidebook may be requested by calling Guilin at 714-529-5191. More information is available on her website: http://www.ltcfp.us/RhondaGuilin
Since 2001, Rhonda Guilin has provided expert advice and education to businesses, organizations and individuals on the subject of long term care planning.
She is ranked in the top 10% of all long term care insurance providers. As part of the public education service, Guilin will make herself available to area groups and companies for briefing sessions, after-dinner talks, and lectures.
Program chairs may reach her at 714-529-5191.
MEDIA CONTACT:
Dick Samson of EraNova Institute for LTC Financial Partners - 973-335-3699 – media@eranova.com
"We've translated health-care dollars into square feet of real estate," says Guilin, "the homes we spend our lifetimes acquiring and improving." LTC Financial calculates that the current cost for a single day of long term care roughly equals the selling price of two square feet of the average American home.
The average rate for a private room in a nursing home is about $70,080 a year, according to the latest MetLife Market Survey of Nursing Home and Home Care Costs, released in September, 2004. That's about $190 a day, double the value of a square foot of the average American home at today's selling prices. According to the National Association of Realtors, the median price for US homes in June of 2005 was $219,000. With an average 2,300 square feet per home, that equals $95.22 per square foot, about enough to pay for half a day of long term care. The ratios vary, of course. Here are some examples:
* 1,600 square-foot home in Andalusia, AL: $136,739
2.25 - Square feet eaten by one day of long term care
* 2,588 square-foot home in San Diego, CA: $650,000
0.76 - Square feet eaten by one day of long term care
* 1,530 square-foot home in Flora, IL: $92,000
3.19 - Square feet eaten by one day of long term care
The less a home is worth, the bigger the relative LTC bite. For example, consider a 1,855 square-foot home for sale at $44,900 in Elmira, New York. It would be "eaten" at the whopping rate of 7.93 square feet a day! "If you're not protected by insurance, figure that for every day you're laid up, there goes another sizeable chunk of your home," says Guilin. LTC Financial has calculated that rural Americans stand to lose about an acre a day of prime farm or ranch land.
What's the solution? "To save your home, estate or farm, get the right type of long term care insurance, and get it fast," says Guilin. "It can be very affordable. Many people are surprised when they learn the monthly rates and the tax breaks." A free informational guidebook may be requested by calling Guilin at 714-529-5191. More information is available on her website: http://www.ltcfp.us/RhondaGuilin
Since 2001, Rhonda Guilin has provided expert advice and education to businesses, organizations and individuals on the subject of long term care planning.
She is ranked in the top 10% of all long term care insurance providers. As part of the public education service, Guilin will make herself available to area groups and companies for briefing sessions, after-dinner talks, and lectures.
Program chairs may reach her at 714-529-5191.
MEDIA CONTACT:
Dick Samson of EraNova Institute for LTC Financial Partners - 973-335-3699 – media@eranova.com
Press Release Keywords:
LTCFP, Financial Planners
LTCFP, Financial Planners
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