Most Long Term Care Insurance plans these days pay the recipient a sum of money that can be spent as they desire, for the type of long term care they wish to receive. This can be a nursing home, assisted living, independent living facility with a private aid, hiring family to stay with them in their own home, or other arrangements. This makes sense in that using other resources besides nursing homes can be a less costly alternative, and may be more desirable to the person receiving the long term care.
Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
If it makes sense or not, do the math. Statistically, you as a couple theoretically have a 50% chance of long term care needs. You know many people have been there for years. For the sake of argument, lets say four years or so, at 8,000.00 per month in current dollars. That's 384,000 by my math.
Do you have that much cash set aside just for nursing home care? If not, lets look at the odds. 10.00 per day to cover 384,000.00 or more expense. Do the math.
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Do you have that much cash set aside just for nursing home care? If not, lets look at the odds. 10.00 per day to cover 384,000.00 or more expense. Do the math.