Long Term Care Insurance
Long-term care insurance pays for treatment in a nursing home, assisted living facility or for a home health nurse when an individual become too ill to take care of themselves. It allows people to plan for their long-term needs and with daily nursing home costs increasing, having this insurance could save your assets and inheritances for loved ones.
Why do you need Long Term Care Insurance?
The average cost for an assisted living facility is $3,185 per month — which translates to $38,220 per year. The average nursing home costs $185 per day, or $67,525 per year. Multiply these amounts by five years, and you get roughly $200,000 to $350,000 — for just one person. Double them if you’re married.
As you can see, the high cost of receiving Long Term Care can erode your life savings. Powers Insurance Partners can build a dedicated long-term care investment account and combine that with home equity to approach these amounts. With Long Term Care Insurance, most, if not all, costs can be covered, depending on the policy. Imagine how relaxed you would feel knowing that you planned ahead and are protected. Addressing the threat of long-term care expenses is one of the biggest challenges we face in retirement.