The prospect of needing Long Term Care may seem unlikely now. However the key to sound financial planning is considering your future needs by taking control of your life to maintain your independence, protecting your assets and income have a great importance today.
... it's not nursing home care, it's Long Term Care ...! Chances of ending at a nursing home are minimal. You should never confuse needing Long Term Care with getting old and ending up at a nursing home!
For most of us, Long Term Care costs are our greatest risk. Since health insurance, Medicare and Medigap insurance hardly pays for these costs, we put our savings and investments at a risk as a result... If staying in control, preserving assets, preserving quality of life and preserving quality of care are important aspects of your life, then you need to consider Long Term Care insurance..
You don't self-insure your car, your home and most importantly your health - then why would you self-insure for Long Term Care??? If you believe that...
... you are going to live a long life and will need care,
... providing care will have severe impact on your family and your loved ones,
... paying for the care will be out of your assets and your retirement income,
....and consequently this may deplete your retirement portfolio, your retirement income as well as your assets;
... then creating a plan and protecting your assets and your income with Long Term Care insurance should be one of your first priorities!
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Average nursing home cost is between $60,000 to $80,000 per year and average cost for a private room is $70,000 per year. Health Care and the 2004 Election: Long-Term Care 2004, Kaiser Family Foundation, June 2005 |
Medicare nursing home coverage is so limited (it is mainly an assistance for short term patience recovering from hospital stays), in fact it only paid 13 percent of Long Term Care costs in 2002. Greene, Kelly. "Medicaid Maneuvers-Getting Uncle Sam to pay for long-term care has more drawbacks than you think," The Wall Street Journal, February 23, 2004 |
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