With rapid medical advancements, people are living longer than ever before—often well into their 80s or 90s. However, as people age, some will need more care than others. About 40 percent of retired adults are likely to spend time in a nursing home, or make use of another form of assisted living.
It’s wonderful that this care is readily available in so many areas, but it does come with a hefty price. The average stay in a nursing home will cost about $250 per day, which translates to roughly $91,000 per year. And this cost is expected to rise as demand for these services increases, possibly surpassing the supply of nurses.
It’s no surprise that, with these prices, the overall cost of a lengthy stay at a nursing home can deplete your savings account. In some cases, once the patient’s savings are gone, the financial burden then falls to the family to carry. It can be a stressful time for everyone involved.
Fortunately, you can significantly reduce this burden by purchasing long term care insurance. Preparing for the future possibility of needing assisted living before it becomes a reality can help you make smart financial choices. In fact, many financial professionals view long term care insurance as an aspect of preparing for retirement.
Long term care insurance offers coverage where your healthcare leaves off, helping cover stays in assisted living facilities, nursing homes and even home care. Because Medicaid often helps cover these needs, long term care insurance is recommended for the middle class. Members of the middle class typically earn too much to qualify for Medicaid, yet they may not have enough saved to finance assisted living expenses.
Does long term care insurance sound like it might be beneficial to you and your loved ones? Call your agent to learn more about coverage options today.