One of the largest medical costs you're likely to incur in your lifetime is long-term care. This means that someone has to live with you or that you require round-the-clock care. This type of care is very expensive.
For care outside of the home, a private room in a nursing home can cost over $75,000 a year. Long-term care insurance, while not cheap, can reduce that burden.
As with everything else, this type of insurance has its benefits and drawbacks. Have you considered long-term care insurance in your retirement planning? Increasing numbers of insurance companies are beginning to offer this product with a wide range of options, so you have many choices.
The biggest criticism of these policies has been their cost. However, this insurance can save you a tremendous amount of money in medical expenses. When looking for a policy you'll have several choices:
Here are some additional costs that long-term care insurance may or may not cover. Do your research!
Some policies will even pay your friends or family members to provide care to you. These payouts tend to be rather small and may only cover the cost that the care provider actually incurs. While most policies will not provide payment under these circumstances, some offer cash payment for each day you're in the care of a non-medical professional. Long-term care insurance is something every person should seriously consider. The cost of the policy can be high, but the cost of not having a policy can be catastrophic. Even a 65 year-old millionaire can run out of money in a hurry should he require long-term care. These policies tend to have more options and exceptions than other types of insurance, so be sure to really do your research or sit down with an insurance agent that you trust. However you go about your investigation, it's never too late to start looking into long-term care insurance.