Why You Need Long-Term Care Insurance

Imagine saving thousands upon thousands of dollars throughout your lifetime all to watch it dwindle away to nothing as you age. Sounds terrible, right? Well that can happen if you need extensive medical care later on in life. If you do, you’ll need long-term care insurance to cover those costs and protect your estate.

Why You Need Long-Term Care Insurance

To Cover the Cost of Facilities

The average yearly cost of a private nursing home stay in 2016 was $92,378, and Medicare usually only covers a 100-day stay in a nursing home if you’re recovering from an illness or injury and showing improvement. After that, Medicaid will only pay for a nursing home and a bit of in-home care after you’ve dwindled your savings down to $2,000. Long-term care insurance can help cover all of these costs, so your savings can stay relatively untouched.

To Get Professional Help

Even if you don’t need to stay in a nursing home when you get older, you may need help from a visiting or live-in nurse who can provide you with professional care. On average, these home health aides will cost you around $51,000 a year. Long-term care insurance can cover those costs so you can remain in your home and not decrease your quality of life due to an inability to care for yourself.

To Keep the Burden Off of Family Members

No family member will tell you that they don’t want to help you care for yourself in your old age. However, acting as a caregiver can take an emotional and physical toll on your loved one. While it’s nice to have your family members there for companionship, you’ll need long-term care insurance to leave the more taxing tasks to paid professional aides.

Long-term care insurance allows you to pay for all the medical expenses that come along with aging without depleting your savings and assets. All that’s left to do now is apply. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.