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Do You Need Long Term Care Insurance?

Do You Need Long Term Care Insurance?

Nobody is exempted from long term care. See even the oldest person in the country, 115-year-old Besse Cooper, is currently receiving long term care (LTC) in a nursing home despite the sharpness of her mind which is not common among other elderly folks. So if youre asking who should buy long term care insurance then the answer is everybody.

Besse Cooper moved to a nursing home in Monroe, GA at the age of 105 so that means shes been a resident of this LTC facility for 10 years now. If the average annual rate of a Georgia nursing home is $63,875 then Mrs. Cooper has already forked out a whopping $638,750 assuming that she does not have a long term care insurance (LTCI) policy.

Every state boasts top of the line nursing homes but you will need over a million dollars to be able to afford staying in this type of LTC facility. Nursing homes provide 24-hour care and monitoring for patients that require special medical attention.

Most Americans, however, bear the notion that entering a nursing home will deprive them of their independence that is why they prefer to stay at home. What they do not know is the fact that most nursing homes provide their patients with physical and speech therapy apart from custodial and medical care so that they can continue living and thinking independently.Do You Need Long Term Care Insurance?


Now if youre firm on your decision, which is never to enter a nursing home, you have to prepare a bigger chunk of money because your home will have to undergo modification before a nursing home monitoring system can be installed to it.

Home modification is not cheap at all. If youre wondering how other people have managed to have their homes modified and a digital monitoring system integrated into it, bet they used their benefits from their LTCI policy to cover their expenses.

Who Should Buy Long Term Care Insurance?

Anyone who values his life and family would buy LTCI because this is the only sure-fire way to achieve topnotch care from a respectable care provider or LTC facility without asset depletion.

You will not find a single LTC setting that only requires $100,000 for three years of care. People are living longer these days and thus explaining why everybody needs more money to afford their future healthcare needs.

Truth of the matter is that the average length of stay of elderly people in a nursing home is two and a half years to three years. There are many others, however, who make it to five or even 10 years in a nursing home.

Without a comprehensive LTCI policy, your resources wont be enough to cover your nursing home or in-home care expenses. In fact its only going to be enough for a year or even less.

If youre currently 50 years old or younger, all that more that you should prepare for tomorrows cost of care as it is expected to quadruple in 2030. Theres no point analyzing who should buy long term care insurance because in the end all of us will grow old and weak anyway.

by: Julienne Howard
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