Why Long-Term Care Coverage Is Vital

The chances of you being in a position in which you can no longer take care of yourself are staggering. Seventy percent of people over the age of 5 will need some type of long-term care at some point, with 20 percent of them requiring it for a period of more than five years. If you have disability insurance, that doesn’t cover long-term care. I have heard some people grumble about the cost of long-term care insurance, which averages about $2,000 for a healthy, single 55-year old. The policy I have had in place since 2004 has premiums which will total $2,700 for 2017, and the premiums will increase to almost $2,900 next year. However, that’s a fraction of what I would have to pay if I didn’t have the insurance. The Genworth (the company I have my policy under) 2016 Cost of Care Survey reported that median annual cost of an assisted living facility is almost $44,000, and the median monthly cost of a private nursing home room is over $90,000.

I signed up for my policy shortly after my mother suffered from, and survived, a brain aneurysm in 2004. She was in a skilled nursing facility from 2006 until 2013, then was transferred into an assisted living facility. In a way, luck was on her side, because she had no financial resources and qualified for Medicaid and Medicare. She is now a participant in the ALW program. However, the bulk of her monthly Social Security benefit (less than $1,200) goes to the facility in which she resides. In no way was I willing to take the chance of relying on a government agency to rescue me in my elderly years if I find myself in need of long-term care.

I HIGHLY recommend securing long-term care insurance if you are over the age of 30. You cannot rely on the government to come to your aid if you end up requiring long-term care, and it’s unfair of you to expect loved ones to carry the financial burden of your care.

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