Do you have an extra $80,000/year to spend post retirement? Statistics show that this is the average cost of long term care. Most people are unable to afford such a hefty price, but even more so, are unaware of how expensive it can be. Whether it’s you or your loved ones who are unsure of whether you should enroll in a long term care policy, you should be aware of the money you would be spending without it.
Most people will need long term care once they reach the age of 65. The prices are rising and many people are unable to afford the care that they need. The earlier you enroll and the healthier you are, the lower your monthly premium will be. So, starting as soon as possible is the smartest choice. The longer you wait, could potentially put you at risk for being denied a policy. Once your health starts to worsen, companies can choose to deny you of a policy, which is why you want to make sure you are covered.
The general cost per year for a policy is between $2,000-$3,000. When comparing this to the cost the $80,000 you could be paying out of pocket without a policy you can see why it is extremely important to understand the importance of having a policy in place.
Whether you need to be cared for at home, in a nursing home or an assisted living facility a long term care plan can save you from serious financial harm. Without having some type of policy you could end up broke, and relying on loved ones to pay these costly fees that they may not be able to afford either.
Many people think a retirement plan will cover these expenses but that is generally not the case. Most short term care policies only give you a year or so of coverage. People are living to be much older and need a plan that can cover them for a longer period of time.