Picture Pub Pizza is going to be catering for family weekend at Marian Manor Nursing Home on Friday, Saturday, and Sunday. Many of the people in this nursing home made the right choice and purchased long-term care insurance before they needed it, which ended up saving them thousands. They didn’t want to be a burden on the rest of their family and force them to take care of them.
If you would like to save your assets, looking into long-term care insurance quotes ahead of time is a very smart thing to do. Long-term care can be extremely expensive, especially if you live in Alaska, Connecticut, Massachusetts, Hawaii or New Jersey. According to ThinkAdvisor, if you lived in Alaska in 2016, the average annual cost of long-term care was $114,767 and prices will continue to rise throughout the years. A private room in a nursing home can cost up to $292,000.
As you can see, paying for long-term care can cost you an arm and a leg without proper insurance. Are you willing to pay for all of that money straight from your pockets or retirement funds? I didn’t think so.
If you are one of the many people who believe that you will never need long-term care, guess again. Here are some stats from A Shopper’s Guide to Long-Term Care Insurance to help you realize why you should start looking into some long-term care insurance quotes:
- Life expectancy after age 64 is now 18.6 years. In 1940, it was only 13 extra years after the age of 65. The longer people are living, the higher the chance of needing help due to chronic conditions.
- About 70% of people who reach the age of 65 are expected to need some form of long-term care at least once in their life.
- About 11 million Americans of all ages require long-term care, but only 1.4 million live in nursing homes.
- About 35% of people who reach age 64 are expected to enter a nursing home at least once in their lifetime. Out of the people who are in the nursing home, the average stay is one year
- From 2015 to 2055, the number of people aged 85 and older will triple from over 6 million to over 18 million. This growth is definitely going to lead to a rise in the number of people who will need long-term care.
As you can see, there’s a pretty good chance that you or your loved one will need some form of long-term care in your lifetime. The younger you are when you purchase a premium, the cheaper it will be, so you should start looking into long-term care insurance quotes as soon as you can. If you wait until a sickness or injury develops, very few ltc insurance companies will provide you with coverage.
Some people believe they do not need to invest in ltc insurance because they will be covered by Medicare or Medicaid, but what they do not know is how strict those qualifications are. Most people will have to use up all of their assets and even then you may not qualify due to the extremely strict limitations. Wouldn’t you rather be safe than sorry?
Contact one of the agents at LTC Tree to request some long-term care insurance quotes today!