Long Term Care Awareness
Should you consider Long Term Care Insurance? This is a frequently asked question in our office by current and prospective customers. Below is a brief overview of Long Term Care Insurance that we hope will help you to answer this question.
It is a common misconception that Medicare and health insurance will cover long term care services. However, medical insurance really will only cover doctor and hospital bills. If you were to have a chronic illness and were unable to care for yourself, you may require long term care services. Just to give you an idea of what you can expect to pay, full time nursing home care averages between $69,000 and $78,000 per year. Home health care (averaging 8 hours a day) can cost anywhere from $43,000 to $70,000 annually.*
If you can afford to pay for it, you should consider taking out a long term care policy. Expenses for long term care services can easily drain your life savings. If you think the odds are in your favor, here is a statistic you should consider: There is a 70% chance that you will need long term care after age 65. If you think you’re too young to think about long term care, consider this: 40% of patients receiving long term care are under age 65.*
You never know what life will throw at you. Policies like auto insurance, health insurance, and life insurance exist for that very reason. It’s time to start adding Long Term Care insurance to that list. Contact us for your no obligation proposal today.
*Statistics retrieved from Life and Health Insurance Foundation for Education