I am sure at some point in time, you have asked yourself the question, “Should I get a long-term care insurance policy or should I take my chances and go without? If you haven’t asked yourself this question yet, now’s the time.
Here are some questions to think about when making your decision:
- Do you want to risk giving a nursing home the money that you have worked hard to accumulate your whole life?
- Do you want to pass your estate on to your heirs or risk giving it to a nursing home?
- If you have to go to a nursing home, do you want to have the choice of where you go or do you want to leave that choice up to the state in which you reside?
- If you have to go into a facility, do you want to have a choice of a private space or do you want to have to share that space with someone else?
Last, but not least, how important is it to you to know that you will not have to depend on your children to take care of you?
If you do have to go to a long-term care facility, the costs can be devastating. According to the American Council of Life Insurance, the average cost of a long-term care stay is $60,000 per year. The average stay in a nursing home is 3.1 years, according to a 1998 study by the American Health Care Association. That means your stay may cost you $183,750. The costs are also rising on average by 5 to 7% per year. That means in 2013, people will be paying $99,435 per year for a long-term care stay if it continues to increase by 7% year after year. What would that do to you financially? If you have questions or would like to learn more about how to protect your assets – and your choices– with a long-term care policy, I would be glad to review options that are right for you.