A person age 65 has a very good chance of living till age 85. There has never been a bigger need for long term care which includes: Nursing home care / assisted living and home health care.
Surprisingly to most, home health care is the most often need form of nursing care. Depending on where you live, nursing costs range from around $2,500 per month to $8,000. This can eat up a person's life savings very fast.
There are a few different ways to to pay for long term care costs: long term care insurance / savings / Medicaid (the state, after spending down assets). Medicare does 'not' pay for long term care costs.
Working with many different companies, we can help run quotes for you and show you different scenarios.
For the "average person", they purchase a long term care policy like this: $3,500 per month benefit /5 year benefit / 5% inflation rider (to keep up with nursing costs).
Premiums vary based on age and health. Obviously, the younger and better health a person has, the lower the premiums. In many cases, adding a spouse only costs a small % more than just one person. For a person in their early 60s, premiums are not much more than a few dollars per day.
There are products out there that will return your premium if it is never used. There are products out there that offer a lump sum deposit and is available if you don't use the coverage.
Long Term Care
