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.
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