Many retirees look at long term care insurance as a safety net that can help them avoid financial catastrophe. Consider that the median cost of a year of nursing home care is $75,190, according to the Genworth 2010 Cost of Care survey. With the average nursing home resident requiring care for 2.4 years, a single stay at a nursing home could cost over $180,000.
In a number of states, nursing home and assisting living facilities are supported by state Medicaid payments, which are funded by transfers from the federal government.
However, proposed changes in government funding procedures may mean that some states will receive less money from the federal level to pay for necessary Medicaid services. The end result could be that many states will cut back on the level of health care services they provide. Or, states may ask more patients to reach deeper into their own pockets to pay for a greater share of their health care expenses.
The unpredictability of government-sponsored benefits, and the likelihood that more of your personal health care expenses will be paid for from your own resources, provide another reason to consider long term care insurance for your future financial well-being.
Long-term care insurance can cover nursing home expenses, assisted living expenses, and in-home health care costs that government benefits may not cover. Moreover, long-term care insurance can help you preserve your wealth, by providing additional funds needed to pay for an extended stay in a nursing home or long-term health care assistance.
If you’ve not considered long term care insurance for your overall financial security, now may be a good time to do so. There’s a number of different long-term care insurance options available for your consideration. And new advances in the industry have created products that may eliminate expensive annual premiums.
Call us at 800-960-3499 to request a no-obligation proposal.