Long term care cost is skyrocketing nowadays. As a matter of fact, a one-year stay in nursing home will cost you around $87,000. However, cost can be much higher depending on your location.
It is often said that affluent people don’t need long term care insurance policy since they can afford to pay privately. It is also said that the poor don’t need it as well since they will be covered by Medicaid and other long term care programs. So that leaves the middle class as the best prospects for long-term care insurance.
Insurance for long term care serves as protection against the high cost of long term care and can help you avoid becoming a burden to your loved ones. Annual premiums can go anywhere from $3,000 to $6,000 annually, which is still more affordable compared to paying out-of-the-pocket.
The bottom line is this; long term care insurance can give you a peace of mind when the time comes that you will require any form of long-term care services.