According to the Department of HHS, at least 60% to 70% of people over 65 will eventually need long term care, either at home or in a nursing home, and that can be very expensive. The average stay in a nursing home is almost 4 years, at a cost of about $270,000. 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) if you won’t have enough savings or other assets you could use.
If you have LTCi and must go into a nursing home or require 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 tomorrow for 4 simple rules to follow when buying Long Term Care Insurance.
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