Tuesday, February 4, 2014

5 Reasons People Need Long-Term Care Insurance

Planning for long-term care is something that everyone should and needs to think about, whether or not long-term care insurance is the option for them it is still advisable to at least plan for it and know what your options are. Here are five reasons that people do need long-term care insurance:

1. The costs of long-term care services are very expensive - The average cost of a semi-private nursing home room and board is more than $76,000 per year. Homemaker services  can cost more than the average $36,000 per year.

2. Most people do not have enough money saved - Most people do not take long-term care costs into consideration when planning for retirement and the time comes that they need long-term care services they have to self insure, meaning if there are assets to protect they may have to liquidate their assets.

3. Most people think they have coverage, when in fact they do not - Many people do believe that their health insurance and Medicare will cover their long-term care services - health insurance does not cover these services and Medicare will only pay a limited amount of skilled long-term care.

4. Most people do not want to be a burden to their families - Being a caregiver can put a lot of strain on a family member, from having to quite their jobs, giving up a promotion, physically incapable of caring for the loved one,  taking time away from the caregivers families/children, etc.

5. People of all ages could need long-term care services - People at any age can suffer a prolonged illness requiring them to need long-term care services.

For further information on how you can start planning for your long-term care future visit


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