Should You Be Considering Long Term Care Insurance Yet?

If your family has been fortunate enough to not have had a family member spend a long amount of time in a nursing home, you may have not considered long term care insurance. However, for families who have not been this fortunate, this experience can be devastating not just emotionally, but financially. For those who had long term care insurance, they didn’t experience the large costs for nursing home care. Although most of us understand normal insurance policies, long term care policies can be complex and a lot of individuals choose to postpone long term care. Keep reading to discover if you should be considering long term care insurance.

Why Consider Long-Term Care Insurance?

According to research, it has been found that 69% of individuals who are turning 65 this year can expect to use long-term care in the future. The average stay in a nursing home is around 2 ½ years. This trend in nursing home care is expected to continue to rise throughout the years.

What is Long Term Care Insurance?

Long term care insurance pays for your care even if you are diagnosed with a chronic health condition or disability. It is a common misconception that medicare will foot the bill for long term care needs, in most situations this is the furthest thing from true. Long term care insurance policies can be purchased and you decide how much coverage you will want. Each company is different, but most of them have various requirements for you to be eligible.

Buying Long Term Care Insurance

Just like other insurance policies, purchasing long term care insurance can be very confusing! There are few companies that still sell long term insurance, but there are still many ways to purchase it. Some companies offer group long-term care insurance plans or have individual policies. If you have a feeling that you won’t be eligible to be approved for a long term care insurance policy because of your health, don’t count yourself out just yet! Each company is different and all of them use different underwriting. Even if you get denied by one company there is a chance someone else will accept you.

Cost of Long Term Care

One year spent in a private nursing home can cost up to $72,567! Where you live will definitely place a part on how much your premiums are. Unfortunately, these prices aren’t expected to slow down any time soon, especially with the nursing home needs being expected to rise.

If you are on the fence about whether long term care insurance is right for you, reach out to us at Care Financial. We will help you determine what route is best for you to take.

Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at or call us at 251-633-7122.

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