Do you need Long-term Care Insurance?
Given that the cost of long-term care can quickly deplete your life’s savings, you should seriously consider adding long-term care insurance to your financial plan. Plus, there’s about a 70% chance you’ll need some type of long-term care after age 65.
If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services. And they aren’t cheap. The median cost for a home-health aide for an eight-hour day is more than $44,000 a year, while nursing care in a facility with a private room has a median cost of almost $84,000 a year. As life expectancies increase so does the duration of long-term care needs, and the financial burden may end up falling on your loved ones after you’ve run through your own life savings.
Long-term care services are not just for older people: Anyone who’s has been in an accident or suffers from a debilitating illness may also require round the clock care. In fact, 40% of patients receiving long-term care are under age 65.
Find out if Long-term Care Insurance is right for you.