Long-term care insurance is something that most people should think about, and for some people this is just as important as having health or life insurance. The long-term care plans are in place to help the person when they can no longer care for themselves. This can be from old age or from an accident that has left them disabled. This care is going to cover the health care that someone would get from a nursing home, a long term care facility or even in the comforts of their own home through home health nurses and the like. Thus, the person can see that it is fairly important to have, especially for those that are older.
When person is considering whether they need to have this type of insurance or not, there are a few factors to take into consideration. First off the person should know just how much people are paying out of pocket for the long-term care. For example, a stay in a nursing home can cost around $50,000 per year, having a home health aide visit just a few times per week for a few hours can cost around $12,000 per year and living in an assisted medical facility can cost the person on average around $2000 per month. And this is just for the living arrangements and care that the person needs, not including the amount that they are paying for their medications which are covered through their health insurance plans.
With this being said, when a person has one of these insurance plans they will find that they will end up covering on average a fourth of the costs out of their own pocket. Thus, the insurance covers the remaining balance. The out of pocket expense for the policy will depend on the type of policy that someone gets, as there are quite a few for the person to choose from. So do you need this type of insurance?
Those that work in environments that are high risk usually find that if they were to get hurt that the injury would be to the extent that long-term care could be needed. While older people realize that as they age and their health declines, long-term care is inevitable. Therefore, those that need this type of insurance are going to fall into these categories. Other people prefer to bundle this with their other insurance in order to ensure that they are protected no matter what happens and that this burden of care does not fall onto their family members.
