Long Term Care (LTC) is an insurance product that covers the high cost of medical care if you develop chronic conditions, disabilities, or disorders. These potential end of life issues are not easy to discuss, but LTC insurance can ensure quality medical care and protect future generations from massive financial costs.
When should you start thinking about LTC? The longer you wait, the more expensive it gets. For most people the time to consider Long Term Care is just after their 50th birthday. LTC should be part of your long-term financial plan and discussed with your financial professional. Studies show that about half of 65-year-olds will develop some need for long term care. According to LongTermCare.gov average costs in the US are as follows:
- $225 a day or $6,844 per month for a semi-private room in a nursing home
- $253 a day or $7,698 per month for a private room in a nursing home
- $119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
- $20.50 an hour for a health aide
- $20 an hour for homemaker services
- $68 per day for services in an adult day health care center
These expenses can be partially or fully covered by Long Term Care insurance. If you are over 50 and have not talked with your financial professional about LTC, make an appointment soon.