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Long Term Care Insurance on The Rise

May 11, 2017

 

Long-term care insurance, which covers critical expenses like late life needs, nursing home care and at-home nursing care, is becoming too expensive for many retirees to be able to afford. This is an unfortunate discovery because many retirees are not appropriately prepared for the cost of long-term care. long term care

 

A study conducted by LifePlans determined that the average premium for long-term care insurance was $2727 in 2015, representing an increase of more than 40% from 2005. Up to 55% of the individuals who had opted not to purchase long-term care insurance, who are over age 50 made that decision because it was too expensive. Long-term care insurance helps to fill an important stop gap for retirees.

 

More than 40% of Americans over age 65 will spend at least some time in a nursing home, according to a recent report shared by MorningStar, others will need at home care as well. Medicaid will cover nursing care only for those individuals who have fully exhausted their financial assets.

 

Medicare will only cover nursing care under a few narrowed circumstances. Overall, more than $338 billion was spent on long term care services in 2013 alone. Long term care insurance may be a critical part of your plan for retirement and getting older, but you should also consult with a knowledgeable estate planning attorney about how to approach Medicaid advanced planning.

 


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Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more