You’ve invested. You’ve bought life insurance policies. You’ve planned for your retirement. Are you sure you’re prepared for the “golden years” of being a senior citizen?
About 50% of Americans will experience a stroke, Alzheimer’s disease, Parkinson’s disease, elder frailty, or some other debilitating disease or form of physical limitation that will necessitate an assisted living situation or nursing home situation. Long-term care costs are currently averaging about $75,000 per person per year, and that number is expected to rise to $300,000 by 2030!
This might be a difficult prospect to consider, but it is an important one. Do you have that kind of money to spare? Can your children and grandchildren afford to support these kinds of costs?
Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).
Don’t wait to check into this. Often, a change of health disqualify you from getting long-term care insurance. Not all those who require long-term care are senior citizens. About 40% of those who need it are between the ages of 18-64. Ask your insurance provider about long-term care insurance today!
