Why is it that so many of us do not purchase long term care insurance? Let’s dispel the myths!
When considering retirement plans, long-term care coverage shouldn’t be overlooked. The cost of long-term care is exorbitant — figures from 2010 estimated that a semi-private room in a nursing home can cost more than $6,200 per month, with private rooms costing over $6,900. An assisted living facility in 2010 could cost as much as $3,300 per month. And those rates are only going up in the future. Seniors without long-term care insurance are left paying these high monthly bills out of pocket, often depleting their retirement savings, which took decades to build, within only a few years.
Long Term Care is a tough subject for anyone to discuss. But not taking action could mean significant difficulties for you or your family later in life. Did you know that once long-term care is needed, the average American loses their entire life savings within nine months? There is a significant gap in health insurance that exposes a hole in the retirement planning process. Long-Term Care insurance works to cover this gap.