While many of us want to believe that we are young and healthy enough to avoid dealing with Long-Term Care, the fact is that it is something that affects nearly everyone at some point in life. In fact, roughly half of everyone over 65 will need some assistance with day-to-day tasks — such as getting dressed and bathing — as they get older.
If you are between the ages of 40 and 65 and don’t have any form of Long-Term Care coverage, you should reconsider your decision. Long-Term Care coverage is not necessarily the cheapest option available, but it can help you save thousands of dollars in the long run. Let’s understand how…
What is Long-Term Care and how much will the cost increase over the next 30 years?
Long-Term Care is type of care that lasts for an extended period. It can be of great help as you age and need to pay for services that will help you live a comfortable life without feeling dependent on family or caregivers. Long-Term Care can include 24-hour nursing care, home health aides, assisted living, and other services designed to allow you to age with dignity and personal independence.
Nursing homes are generally the most expensive type of Long-Term care in California, with an average cost of $9,794 per month for a semi-private room and $12,167 for a private room. With an annual inflation rate of 2.5% (the Fed’s target rate), by 2052, an average nursing home will cost between $20,543 and $25,521 per year.
What does this mean?
With Long-Term Care costs expected to more than double by 2052, and one out of every two American adults needing Long-Term Care services at some point in their lives, it is clear that Long-Term Care insurance is not just a luxury — it is a necessity. If you wait too long, your premiums will likely be higher — even more so if you are older when you get your coverage. Therefore, it makes sense to get Long-Term Care insurance now while you are young and healthy! Contact a reputable insurance broker like West Coast Global Insurance Services. Visit their website to learn more and to receive an estimate for the best online Long Term Care Insurance today!