Statistics show that 70% of people over the age of 65 will need some form of long-term care during their lifetimes. Long-term care is a broad term that can refer to anything from in-home care to assisted living to nursing home care.
Regardless of the type of care, you may need, it’s important to have a long-term care insurance plan in place. Here’s why to go for cover long term care coverage:
You May Need Care for an Extended Period of Time
The average length of time spent in a nursing home is 835 days—and that’s just for starters. In many cases, people require long-term care for much longer periods of time. If you don’t have long-term care insurance coverage, you could find yourself facing significant financial burdens.
Long-Term Care is Expensive
The cost of long-term care varies depending on the type and location of care you need, but it’s always expensive. For example, the average annual cost of a semi-private room in a nursing home is more than $89,000.
Assisted living costs are also high, with the average monthly cost ranging from $3,500 to $4,000 per month. If you don’t have long-term care insurance coverage, you may need to deplete your savings account or even sell your home in order to pay for the care you need.
Your Loved Ones Won’t Want the Financial Burden
No one wants to be a burden on their loved ones—but that’s exactly what can happen if you don’t have long-term care insurance coverage. Your spouse or adult children may need to take on extra work hours or get a second job in order to pay for your care.
Or, they may be forced to put their own lives on hold in order to provide you with the care you need. Having long-term care insurance coverage means that your loved ones won’t have to bear this financial burden—and they can continue living their lives while you get the coverage and care you need.
Benefits of purchasing insurance plans
Long-term care insurance plans can provide a variety of benefits, including:
- Professional Care: The right plan will cover the cost of in-home care or nursing home stays.
- Tax Advantages: Long-term care insurance policies may be eligible for tax deductions depending on the state you live in.
- Peace of Mind: Knowing that you have the coverage you need can give you and your family peace of mind.
- Affordable Coverage: Many insurance companies offer flexible, affordable payment plans to make it easier for people to purchase long-term care coverage.
Conclusion:
Don’t wait until it’s too late—get long-term care insurance coverage today. It’s one of the best ways to protect yourself and your loved ones financially in the event that you need extended care later on in life.