Whether you live in California or in another part of the United States, buying long term care insurance is something you must consider at some point in your life. By taking a closer look at long term disability statistics, it becomes clear that many people before you have run into this type of issue.
According to the government, 70 percent of senior citizens will require some type of long term care assistance before they pass on. For those who need the most costly type of care, the expense can reach approximately $240,000 for the average nursing home stay of 2.8 years.
Many people believe that the best way to mitigate this risk is to purchase long term care insurance. This insurance is a big part of the long term care plan for many. However, it is important to be aware of the pros and cons, including how much you will put out for coverage, before making a purchase.
If you believe that Medicare will handle all of your long term care costs, you must come to the realization that this is not the case. It will pay for some of your expenses, such as for skilled nursing care of up to 20 days, but will stop after that.
Some people purchase long term care insurance on their own, while others are able to sign up for it through their employer. Either way, it is an important safety net to consider as you plan for your retirement years. It will help you pay for care that may be essential to your health and well-being later on.
Source: CBS News, “What you need to know about long-term care insurance” Kathy Kristof, Jun. 18, 2014