Is Long Term Care Insurance Right For You?


The short answer:  Yes.

The long answer: It’s shocking for many people to realize that neither their private insurer nor Medicare will typically cover long-term care.  This means, if you suffer from an accident, develop a debilitating condition or simply need assistance for more than a few weeks in either a nursing facility or your home, the cost is on you.   And it’s certainly not cheap.   According to Genworth’s 2015 Survey, the median annual cost of a home health aide for 8 hours per day is over $44,000 while private room in a nursing home averages $84,000.   Without the proper insurance plan, this puts hard-earned savings and retirement plans at risk. 

Approximately 70% of older adults age 65 and older will require long-term care at some point in their lifetime.  Women are more at risk than men, but essentially, if you are fortunate enough to live to a ripe old age, it is extremely likely that you will need services.  These statistics make purchasing a long-term care insurance plan a priority.  The sooner, the better!  Unfortunately, by the time older adults consider their future needs, premiums have gone up and coverage options have gone down.  Waiting too long may also fuel a sense of urgency which can lead to a quick purchase and suboptimal policy.    

Navigating the insurance realm is daunting and expensive.  It’s a situation that requires an open mind, thorough research and support from professionals.  Consulting with an elder lawyer may be a good place to start.  Purchasing a plan is certainly not an overnight decision, but it is also not something to be neglected.   Learn from these mistakes.  Let’s start the conversation early!  Alliance can help.  Call us at 1.877.687.7380 or contact us today. 

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