Now that we have a bit of a handle on Open Enrollment for health insurance, I am getting nostalgic on my old blog posts and found this goodie on LTC:
Did you know that at least 60% to 70% of people over 65 will eventually need long term care, either at home or in a nursing home? That can be very expensive.
The average stay in a nursing home per year is almost $90,000.
Your health insurance does NOT cover this kind of expense, neither does Medicare! Oy. That’s why The Insurance Mom wants you to consider Long Term Care Insurance (LTCi) especially if you don’t have enough savings or a rich uncle.
If you have LTCi and have to go into a nursing home or need at-home care, the total cost of all your premium payments combined will likely be less than the cost of a single year in a nursing home or full-time home care — no matter how many years you’ve been paying premiums.
Think about that for a moment. No matter how long you pay LTCi premiums, you will get it all back in one year of benefits! That’s huge. I think it’s a wise investment in your financial future.
Come back Wednesday for 4 simple rules to follow when buying Long Term Care Insurance.
