By the time you reach the age of 50, the likelihood that you’ll require paid long-term care increases as each year passes. If you pay out of pocket, cost can easily exceed $150,000. Most people do not have the foresight or economic means to plan for this financial risk. Only 7.2 million or so Americans have long-term care insurance, which covers many of the costs of a nursing home, assisted living or in-home care — expenses that aren’t covered by Medicare or regular medical insurance.
A long-term care insurance policy can also help cover the costs of care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:
- Your home.
- A nursing home.
- An assisted living facility.
- An adult day care center.
Waiting until you need care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance buy it in their mid-50s to mid-60s.
Preparing for the future early could lead to significant savings in the future. Whether it is for yourself or a loved one, contact us today to discuss your options.