MSN Money has an excellent article about why you need long term care coverage. Click here for the entire article.
You spend your working years saving in IRA and 401(k) plans so that you can someday retire and live comfortably. But what happens to a couple if one of them has long-term health problems?
We all know about the rising cost of health care, but what about the cost of skilled care in a nursing home? We asked the director of a local nursing home, and she told us that the Alzheimer’s unit in her facility cost $118 per day. That’s $3540 a month, or over $43,000 a year. Would you be able to pay for that out of pocket?
And it’s not just the elderly who might need care. Anybody could be the victim of a freak accident that require a long recovery time. One of our friends told us about his nephew, who was in a motorcycle collision when he was in his early thirties. It took him a year to recover. In the meantime, his family’s finances were destroyed. Had he purchased a long term care policy, his nursing would have been covered.
As with life and health policies, the best time to purchase a long term care policy is when you’re young and healthy. Premiums do increase the older you get, so time is of the essence. Contact us today for more information.