Coverage
the Government and your Health Insurance Company
does not pay for!
Many people mistakenly
think their health insurance or Medicare will
pay for any long-term care services they may need
at some point. But health insurance really only
pays for doctor and hospital bills. If you develop
a chronic illness or become disabled and are unable
to care for yourself for an extended
period of time, you’ll need long-term care
services. And these services aren’t cheap.
Full-time nursing home care averages more than
$60,000 per year and even part-time, in-home care
can cost more than $20,000 annually.
Explore this section to
learn more about who needs long-term care insurance,
what types of care are covered, policy options
and features
Who Needs It?
If you can afford long-term care
insurance, you should probably consider it. Why?
Because the cost of long-term care, should you
need it, can quickly deplete your life's savings.
For instance, having a home health aide visit
just three days a week can cost more than $20,000
annually. Full-time nursing home care, the most
expensive type of care, can average more than
$60,000 per year. In some regions of the country,
like the Northeast, the cost may be twice that
amount.
But what are the odds that you'll
need these kinds of services? Greater than you
might imagine. There's about a 50 percent chance
you'll need some type of long-term care after
age 65. And long-term care services are not just
for older people. A young or middle-aged person
who has been in an accident or suffered a debilitating
illness may very well require long-term care services.
In fact, 40 percent of patients receiving long-term
care are under age 65.
While long-term care insurance
is right for many people, it's certainly not for
everyone. If you can afford to pay for care without
significantly impacting your assets, you may not
need long-term care insurance. Conversely, if
your assets, not including your home, are less
than $80,000 if you're married (or $30,000 if
you're single), you may not be able to afford
the premiums. A good rule of thumb is to spend
no more than 7 percent of your gross income on
long-term care insurance premiums.
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