What is Long Term Care Insurance?
What is Long Term Care Insurance? Long Term Care Insurance is funadmental part of retirement and ageing. It provides protection to you and loved ones from raising costs of care in a number of facilities like:
- Assisted living facilities
- Continuing care retirement communities
- Nursing Homes
- Adult Day Care Centers
- Your Home
Those aged 65 and older have a 70% of needing Long Term Care at some point in the future. With the Average Duration of care being 3 years, and the average cost of a single room nursing home is upward of $200 a day or north of $80,000 a year. This leads to most families attempting to provide care for their elder relatives, which intern places considerable strain on the relationships of the parties involved.
Livable income and estates originally intended for their heirs can quickly be depleted in a matter of 1-2 years. At which point either relatives must provide care or the individual must move into medicaid nursing homes. At the same time, In the present moment. We are seeing an attempt by governments to slash these social safety nets in the coming years. A recent bill was proposed to cut Medicaid by 80 million dollars annually.
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