Have You Considered a Long-Term Care Plan?

Medicare doesn’t cover extended stays in a nursing home, assisted living facility, or even in-home care. It’s smart to think about purchasing a long-term care plan to help protect your savings.

Long-Term Care plans are designed to pay cash benefits or provide payments to long-term care providers and facilities during a qualifying event (not being able to perform two of the six daily activities of living). Activities of daily living are:

  • Bathing/Showering
  • Dressing
  • Eating/Feeding
  • Functional Mobility
  • Personal Hygiene
  • Toileting/Transferring

Long-Term Care Insurance Is More Than a Luxury – It’s a Necessity

Most people consider Long-Term Care insurance as more of a “luxury-type” insurance product than a necessity. It’s time to change that way of thinking if you want to protect your savings.

Consider this: most of us have insurance on our homes and our cars. Although we have this coverage, the reality of us having to use it every other year is highly unlikely. Most of us also carry life insurance, which is good. But that is a death benefit, not a living benefit to protect your savings.

The same can’t be said, however, when it comes to using long-term care insurance. As we age, the chances of us needing some type of “long-term care” is highly likely. In fact, it’s a probability of about 50% at some point in your life over age 60. Think about that for a second. There is literally a 50/50 chance that you will need some type of care that last longer than 90 days once you are over age 60.

A few more numbers to think about:

  • Average stay in nursing home = 2.4 years (892 days)
  • Average cost of nursing home = $239/day
  • Average cost for 892 days = $213,188

Can you afford to spend $213,188 in approximately 2 ½ years on top of your normal bills, mortgage, etc.? The answer for most people is no, which is why you should consider having a long term care policy.

Ready to Talk to an Advisor?

At Senior HealthCare Solutions, we take the time to assess your situation and review all plans to see which will be the best fit for you. To compare Long Term Care Plans, call us today by dialing 1-866-MEDIGAP (633-4427) or complete our Contact Form and one of our licensed advisers will be in touch.