SafeMoney

Do you have adequate assets to self-insure for your long term care?

The first question you need to consider first is: What is my net worth? Keep in mind, the average cost of long-term care is between $41,000 and $75,000 annually, and these costs are predicted to quadruple by the year 2030.

The next question you need to ask is: How long do I plan to live? Obviously, this is a silly question, but without knowing for certain what your life expectancy is, how will you know if you will have adequate funds to pay for your care?

As reported by the Wall Street Journal in June 2000, 70% of all people admitted to a nursing home leave broke within three months. In this same article, it was noted that 50% of all couples are impoverished within six months after one spouse is admitted.

Long Term Care Insurance eliminates the uncertainty of whether or not you will have adequate assets to pay for your long-term care needs when you need them.

Back to the Long Term Care Center