If you are concerned about rising healthcare costs, particularly if you are retiring soon or are young and simply thinking about or planning for retirement, you are not alone. A recent survey of well-to-do residents in a large metropolitan area of the U.S. showed that nearly 75% of respondents named rising healthcare costs as a primary financial concern. Specifically, the cost of so-called long-term care was a major concern. Correspondingly, a local insurance company reported a huge uptick in clients requesting long-term care insurance plans with 25% more inquiries into this kind of insurance coverage.
In recent years, long-term care insurance, which is insurance that covers the cost of nursing homes, assisted-living facilities and in-home care, at vary levels coverage depending on the plan, has become a key component of any sensible retirement plan. And, with the costs of such services growing, even the wealthy and affluent among us are preparing. The good news is, depending on your age, health and how much coverage you require, long-term care insurance plans can be quite affordable and one needn’t be considered among the “affluent” to get good coverage.
As has been repeated time and time again in posts here on this blog, the costs incurred from nursing home stays and other long-term care are NOT covered by your regular health insurance nor by Medicare. This message is worth repeating as many people are under the false impression that they are safe. The only way to effectively your assets and the retirement nest egg you’ve worked so hard to build is to purchase long-term care insurance. Even you consider yourself lucky enough to be among the wealthy or affluent, the costs of nursing homes or in-home or assisted-living care can be substantial. The U.S. Department of Health Human Services estimated last year that nursing homes cost on average $198 per day and in-home care can be as much as $21 an hour. These figures should given even the affluent among us pause as these kinds of costs can quickly erode even a well-funded retirement portfolio.
But, you don’t need to be wealthy to investigate long-term care insurance options. LTC Tree can help you find a plan that is right for you. If you’d like to learn more about our affordable long-term care insurance policies, simply fill in this form. Thanks for reading today’s blog. We really appreciate it.
