What You Must Know About Long Term Care Insurance
Long Term Care can happen to you. As we get older, all of us need help and a stroke, Alzheimer's or even a bad fall can leave you debilitated and unable to care for yourself. If you are over 65, the chances of someday needing Long Term Care is about 68%. And Long Term Care isn't just something that can happen in some distant old age... 37% of those receiving Long Term Care are under 65.
If you need Long Term Care, you will probably have to pay for it out of your own savings. If you're legally impoverished, government programs like Medicaid may cover your nursing home care. Medicare and virtually all health insurance programs will only cover LTC for a short time (less than 100 days) and then, only in part. For everything else, the bill will come to you.
That bill is going to be a doozy too. Long Term Care is expensive. The average cost of a nursing home is currently over $70,000 per year. By 2030, it is estimated to rise to $190,600 per year. A quick note: If you live in New York city, you're living the future today. The average cost of a home care aid has spiked to $32.50 per hour. That adds up to thousands of dollars a month. Many people need round-the-clock care, a burden that friends and family usually can't bear, and let's face it, you probably don't want them to.
Long Term Care insurance can be an affordable alternative to using your savings to pay for care. Nevertheless it's not right for everyone. People that already have severe health conditions may not qualify for coverage, and if you are retired, with less than $70,000 in savings, purchasing insurance is probably not appropriate.
Les Robinson CLTC for Long term insurance in New York
Call for quote today 1-800-836-2040 ext. 3014