Why is it important to plan for long-term care?
The odds of needing long-term care are high:
- Approximately 70% of people will need long-term care at some point during their lifetimes after reaching age 65*
- Approximately 8% of people between ages 40 and 50 will have a disability that may require long-term care services*
For many, the cost of long-term care can be expensive, absorbing income and depleting savings.
Some of the average costs in the United States for long-term care include:
- $6,235 per month, or $74,820 per year for a semi-private room in a nursing home
- $6,965 per month, or $83,580 per year for a private room in a nursing home
- $3,293 per month for a one-bedroom unit in an assisted living facility
- $21 per hour for a home health aide
*U.S. Department of Health and Human Services, December 1, 2016
Should I buy long-term care insurance?
Like other types of insurance, long-term care insurance protects you against a specific financial risk -- in this case, the chance that long-term care will cost more than you can afford. In exchange for your premium payments, the insurance company promises to cover part of your future long-term care costs.
Long-term care insurance can help you preserve your assets and guarantee that you'll have access to a range of care options.
Before you purchase a policy, make sure you speak to a licensed, qualified Logix Financial Consultant. Contact us at (800) 553-3707 or make an appointment today!