Long-Term Care Insurance
No one wants to think about the possibility that they or their loved ones may someday need help bathing, eating or getting dressed, but that’s the flip side of today’s longer life expectancies. Long-term care at a nursing home, assisted living facility or through a home care service is becoming a reality for increasing numbers of Americans. That care can cost thousands of dollars every month.
To help defray costs, many people have purchased long-term care insurance that pays a specific benefit for a specific period of time. While not inexpensive, these policies have helped millions of families care for aging parents and other relatives, while preserving the assets they’ve spent a lifetime accumulating and hope to pass on to their loved ones someday.
- 7 out of 10 people will require long-term care in their lifetime
- National median assisted living costs were $4000 per month in 2018
~Genworth Cost of Care Survey, 2018.