What Is Your Plan for Long Term Care ?
Posted by Charles Murphy on Fri, Jul 22, 2011 @ 11:06 AM
There is now more than a 40% likelihood that one person among a couple over the age of 65 will have a need for some type of Long Term Care during their lifetime. That likelihood and the fact that in 2010 the average cost of a nursing home in Massachusetts was over $100,000, is an important reason to consider a well-designed Long Term Care policy. This type of coverage can help cover the cost of expenses associated with a stay in a nursing home, assisted living facility or be used towards home healthcare.
Long Term Care (LTC) insurance can play a critical role in the overall financial planning process, providing a variety of important benefits:
- It is the only insurance that covers the costs associated with long term care, helping you protect your retirement assets for their intended purpose. Medicare will only cover you up to a maximum stay of 100 dates.
- It enables you to control where you receive care, including in nursing homes, assisted living facilities, adult day care centers, and at home – where most people prefer to stay.
- It’s less expensive than you might think. The cost of coverage is based on your age and health when you apply. So the younger and healthier you are, the lower your premiums.
Planning for long term care is your responsibility, but you don’t have to figure it out on your own. Get in touch with an insurance agent who specializes in Long Term Care Insurance today.
To get your free Massachusetts Guide to Long Term Care click here.
