Do You Need Long-Term Care Insurance?

November 9, 2018

 Long-term care insurance is expensive but so is the cost of long-term care.  The value of #longtermcare is a perplexing question.  There is no question we are living longer, which correlates to more years in #retirement which means more years your going to depend on your retirement savings.  Without Long-term care insurance there is a good possibility that you are going to have to use that retirement savings for some type of long-term care.    According to LongTermCare.gov, a site provided by the U.S. Department of Health and Human Services, at least 70 percent of people 65 and older will need long-term care services and support at some time in their lives.

 

But long-term care insurance is expensive, right?  Let's look at the cost of long-term care if you were to have to pay out pocket in Delaware:

 

 

Another thing to take into consideration is the burden, both emotionally and financially, take a look at the numbers:

 

The costs of long-term care policies vary dramatically. Generally, the earlier you buy your policy, the cheaper it will be. Start looking into purchasing a long-term care insurance policy in your fifties, when you’re becoming more likely to need it, but are still young enough to qualify for a relatively inexpensive policy.

 

Most people will need long-term care at some point in their lives. It’s much better to prepare for the possibility of nursing home expenses or home care than to be unable to afford long-term care when you need it.

 

Share on Facebook
Share on Twitter
Please reload

Beach to Bay Insurance Group is an independent insurance agency located on the DelMarVa Peninsula. 

32828 Reba Road, Suite C

Millville, DE  19967

888-274-1032

Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.

  • Grey YouTube Icon
  • Grey Facebook Icon
  • Grey Twitter Icon