According to Market Day Daily News there is a health care crisis on the horizon. Met Life is reporting that 70 percent of people over 65 will need some sort of extended care before they die, and 90 percent of those over 65 years of age will have at least one chronic condition. Yet, not enough people consider whether or not regular health insurance alone will be enough.
There is a huge burden associated with long-term care. It places an emotional physical, and financial drain on the caregivers. One Met Life study done in 2003 reported the cost of long term care was $180 per day, or $66,000 per year. Yet those numbers can even rise over $150,000 with private home care. The study also estimates that by 2021 nursing home care may rise to over $175,000 per year.
So what is a person supposed to do about the rising cost of care? One alternative is long-term care insurance. This is a special insurance program that “pays for extended care when Medicare or major medical is exhausted.” There are a range of plans available that cover nursing home or home health care.
Some people say that long-term care insurance is just an added expense, but so is over $4,000 in medical bills. Would you rather pay $80 to $100 dollars as month now or $4,000 dollars a month later? You decide.
Once you know you want to consider long term care insurance you should know the facts. Start by reading the rest of the article on Market Day here, but you should also make sure you get enough quotes to compare rates and services from different companies. An informed choice is always a better choice.
