Deciding whether to purchase a Long Term Care Insurance policy could be one of the most important choices you ever make for your retirement and your family.  Weighing the cost of a policy against the extremely high cost of long-term care services such as nursing homes, assisted-living facilities and in-home care is not easy.  A recent feature on NPR Long Term Care Insurance explored the landscape of long-term health care and highlights some of the critical facts and challenges in the area of long-term care.  While there are no easy answers, you should begin thinking about your future, long-term care needs today as time is most critical factor in preparing for a financially secure and peaceful retirement.


NPR Long Term Care Insurance, consider the costs

The complexity of long-term care is covered nicely in the piece.  More than 11 million Americans each year need some form of long-term care and most of us would agree that being a financial and emotional burden to our children or other relatives is not what we consider a peaceful way to live out our years.  This figure of 11 million will double in about 20 years.  NPR Long Term Care Insurance says premiums can be high but are dwarfed by the costs of the various types of care.  Consider these average annual costs:

  • Nursing Home – $85,000
  • Assisted Living Facility – $47,000
  • Home Care – $42,400

And, some estimates have these numbers tripling in the coming decade.  All of this paints a picture of a ticking time-bomb for many in the Baby boomer generation who are now entering retirement.

The reality is, anyone in their 40s or 50s should consider a Long Term Care Insurance policy if their goal is to complete their retirement portfolio by providing the security and protection that only Long Term Care Insurance can provide.  While many Americans think they can simply save for their future long-term care needs, keeping up with the rising costs of long-term care can be nearly impossible for most of us.  However, NPR Long Term Care Insurance mentions policies offer “inflation protection” which means that the value and payout amounts rise with the age of the policy.  And, with a generous benefit amount, you’ll have the security of knowing you’re covered even if you need care for a few years or longer.

Next steps in your LTC research

Understanding Long Term Care Insurance and how to make the right decisions for your retirement plans is difficult.  You’ll want to work with professionals like the experts here at LTC Tree.  As the nation’s largest virtual brokerage of Long Term Care Insurance, we’ve helped thousands of Americans get the coverage they need to ensure that can enjoy a comfortable and secure retirement.  Why not fill out our quote form today?  We’ll get back to you with offers from the top insurers in the country and get you the best deal out there.  Also, our site is full of great advice and NPR Long Term Care Insurance reviews, comparisons and information.  Have a look around!