Did you know that over 50% of people over 65 years of age will need long-term care services at some point in their lives. Nationally, the median cost of long term care is more than $80,000 per year, which is more than most people make in a year! If you have a plan for long term care, before you need it you can find practical and affordable ways to help pay the high costs of long term care services.
Long term care (LTC) is something many people do not think about, till they need it. Many people really do not have someone that could take care of them if something were to happen and they certainly do not want to be a burden. LTC is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living such as bathing, eating, dressing, moving in and out of bed and even using the toilet!
LTC may be needed after a stroke, accident, illness or even just from advanced aging! Providing long-term care can be time consuming, expensive and exhausting which is why long-term care insurance should be a part of your insurance plan at some point in life.
The cost of long-term care insurance will depend on the coverage you choose. Premium is based on your age, the length of time you want to be covered for care, your health, the elimination period, and the maximum dollar amount you will be reimbursed for care.
Information contributed by Genworth Financial.