A lot of people ask, do I really need long-term care insurance?
Probably, like most people, you see your future as a happy, healthy, active retirement. Activities with the grandkids, vacations and hobbies. In fact, unless you have a debilitating illness or an injury, you haven't even given long-term care a thought.
But here are some facts that might make you think twice:
The average cost of care 30 years from now will be $250,000 a year, if costs continue to increase at 4.1% a year.
At lease 70% of people over the age of 65 will require long-term care services at some point in their lives.
The average for 24 hour home care or one year in a nursing home can cost more than $115,000, and can run higher in some states.
Diseases such as Alzheimer's and Dementia can leave you unable to care for yourself for an extended period of time, making long-term care required. Whether it's a nursing home, hospice facility or even your own home, this level is expensive and the cost is rising every day.
What are your Options Without Long-Term Care?
MEDICARE - pays only for short periods of care, usually up to 100 days. The average stay in a nursing home is 2.4 years. (According to The Federal Long Term Care Insurance Program (FLTCIP).
MEDICAID - usually pas for low-income patients, and in mandated nursing home facilities, while you lose the right to choose where your cared for, and by whom.
PERSONAL ASSETS - go quickly. This includes savings and retirement plans, leaving no legacy behind for your loved ones.
FAMILY MEMBERS - may assume the burden of care, at the risk of their own financial, physical and emotional well-being. .
LONG-TERM CARE INSURANCE CAN GIVE PUT THE CONTROL IN YOUR HANDS AND GIVE YOU PEACE OF MIND.
Do you know how you would pay f
or long-term care with out draining your savings, your retirement and your family's savings?
Purchasing long-term care insurance, before it's too late, gives you control over our future health care decisions, including where you go for care. Many policies also cover assisted living, adult day care and respite care for a caregiver.
Don't forget to check with your employer. If you work full-time, they may offer some kind of Long-term care insurance. However, it's important to ensure that it will be enough to cover the cost of this level care, should you ever need it.
Don't wait to explore your choices!
As with life insurance, the cost of your policy is based on your age and health when you apply, as well as any additional benefits you might select on your policy. That means buying a policy today may result in a significantly lower annual premium than if you wait until your older or your health has declined.
Bureau of Labor Statistics, www.bls.gov.
U.S. Department of Health and Human Services, www.longtermcare.gov, September