DALLAS (PRWEB) January 14, 2019
With age comes an increased chance of chronic illness, cognitive impairment, and other conditions that can make it difficult to perform even routine activities. When this becomes serious enough, long-term care (LTC) is needed. This kind of care can range from simple supervision to having a nurse on-hand to help with taking medications, bathing, and other facets of day-to-day life.
A recent survey by QuickHealthInsurance.Com Group reports that a private room at a nursing facility can run upwards of $104,000 per year, and they estimate that the cost of long-term care will more than triple by 2040. While a large number of people will eventually require some form of long-term care, few are suitably prepared to deal with these kinds of expenses. A recent article in the Washington Post shared the experiences of several caregivers and family members of those receiving long-term care, and the exorbitant cost of this care – even when provided in-home by family – was a constant concern.
Long-term care is becoming an increasingly large concern as more people live into advanced age. According to the U.S. Department of Health and Human Services, 70% of current 65-year-olds will use some form of long-term care in the future. Considering the possible costs of long-term care is an important part in any long-range financial plan, especially for those who are in their 50s or beyond. Unfortunately, these costs can be staggering.
Additional research by QuickHealthInsurance shows that those with low income and assets typically rely on Medicaid for long-term care coverage. On the other end of the spectrum, those with especially high incomes may choose to self-insure and pay any necessary costs out-of-pocket. However, most Americans are stuck somewhere in between these extremes, and it can be difficult for people in such a position to know what to do.
While it may not be fun to think about what will happen when one is no longer able to live independently, it is nevertheless crucial to make some sort of plan regarding how to pay for long-term care. Whether one decides to purchase long-term care insurance, an annuity, a hybrid policy, or simply save for future expenses, planning now can save a great deal of financial and emotional stress down the road.
A good resource for anyone considering purchasing a long-term care insurance policy is https://www.quickhealthinsurance.com/long-term-care-insurance/long-term-care-insurance-l.htm. The site provides free quotes from reputable LTC insurance carriers as well as information about costs, what to look for in a policy, and what alternatives are out there.