You’ve probably already made financial plans to help you through your retirement years, but have you considered how you’ll pay for long-term care? If you experience a disability or chronic illness that leaves you unable to care for yourself, long term care insurance covers the significant costs of care, whether in a nursing home, assisted living facility or in your own home.
While most long-term care needs emerge as a normal part of the aging process, even young and middle-aged people can suffer an accident or a debilitating illness. In fact, the U.S. Department of Health and Human Services estimates that 70% of Americans will require long-term care at some point during their lives.
A Different Type of Care
Long-term care differs from standard medical care. Rather than attempting to cure a disease or condition, long-term care provides help with every day activities, such as eating, bathing, dressing, continence, and transportation, as well as providing supervision if necessary. These services can be quite expensive and they add up over time; for instance, nursing homes can cost between $70,000 and $140,000 per year.
Necessary Services Become Affordable
Long term care insurance ensures that you’ll be able to afford the services that you need, whether that entails a nursing home, a home health aide, a visiting nurse, an adult daycare center, or respite services for family members who care for you at home.