Long-term Care
Most of us know someone who is in, or has been in, some form of long-term care: home health, assisted living, nursing home, hospice, or some combination of these.
Throughout a person’s life, they have a 3% chance of their house burning down and an 18% chance of totaling their car. If a person lives until age 65, there’s a 72% chance of them needing long-term care of some form during their remaining lifetime and yet relatively few people are insured against such a large expense.
How large of an expense? The average assisted living expense is about $6,000 a month and about $9,500 a month for a semi-private room in a nursing home. Nothing can blow through one’s nest egg and legacy money more quickly than long-term care. This is crucial coverage that is typically not recognized entirely, ignored, or postponed until it was too late.
When it comes to long-term care insurance, there are a lot of moving parts. I can help you find the right combination of monthly benefit, benefit duration, inflation protection, waiting period, etc. so that you’re prepared for the probable event (if you make it to age 65) that you will need long-term care.
