These factors will help you determine if long-term care insurance is something you should pursue.
You prefer to receive care in your own home.
If you’re someone who wants to stay in your home for as long as possible, long-term care insurance can help with this goal. Many people think of nursing homes when they hear about long-term care, but this service can be provided in your home through a home health aide. This way, you can receive assistance with eating, bathing and dressing while remaining independent.
You want choices on where you live.
The average assisted living facility costs $54,000 a year, and the average nursing home costs $94,900 a year for a semi-private room. If you want a private room and amenities to support your health and well-being, you can expect to pay more. If you don’t have enough in your savings to pay for this, long-term care insurance will open up many more options.
You plan to fill in caregiving gaps.
Whether you don’t have family nearby, or you don’t want to burden them with your personal needs, long-term care insurance can help. Long-term care fills in the gaps so that your family can continue caring for their own households. Caregiving is a huge emotional and financial burden, with 66 percent of caregivers using their own retirement and savings to fund care.
You see yourself needing help in the future.
If you’re already struggling with some health problems, you may need long-term care sooner than you think. Remember, this type of care is not medical care. Instead, it helps you live independently for as long as possible while assisting with activities of daily living - bathing, dressing and eating. Without this help, you may not be able to live on your own.
Discuss Your Options for Long-Term Care Insurance
Seventy percent of todays’ 65-year-olds will need long-term care at some point. This is no small number. This means that most people can benefit from long-term care insurance. To discuss your options and the best policy for your needs and budget, schedule an appointment with Leonard Financial Solutions.