Buying a house was considered a good investment until five years ago when the housing market began to experience a downswing and all of a sudden the country’s progress slowed down. Nowadays Carlos Martinez Womens Jersey , many investors put their money in LTC insurance and it’s not surprising why they do.
LTC, an acronym for long term care, continues to get expensive every year. In fact, one has to use his entire annual income to be able to afford a year’s stay in a nursing home which has an average annual rate of $77,745 at present.
Unfortunately Brett Cecil Womens Jersey , only those individuals with nest eggs that will allow them to take a one-year vacation leave have the guts to spend on a long term care insurance (LTCI) policy. Americans with regular eight to five jobs, on the other hand, spend forever weighing the pros and cons of purchasing this type of LTC plan but in the end most of them opt not to buy.
LTC insurance is really expensive but according to financial advisors it is more affordable if you compare it to the current cost of care. For instance, an LTCI policy with a maximum benefit amount of $247,000 Brandon Moss Womens Jersey , a four-year benefit period, 90-day waiting period, and a 5% compound inflation protection will only cost a forty-year-old policyholder $1,200 on annual premium.
Without an LTCI policy, an individual who would require nursing home care will be compelled to spend $77 Bob Gibson Womens Jersey ,745 a year or $223,000 if he’s a resident of Alaska. You see long LTC costs vary according to location so if you happen to be living in a state that is famous for its expensive LTC facilities, how can you afford to take care of yourself not to mention your family’s future?
If you think you still have ample time to prepare for the cost of care, wait till you hear what the experts have to say about tomorrow’s cost. According to them, today’s rates of in-home care Allen Craig Womens Jersey , community-based care and nursing homes will no longer be applicable 14 years from now as the cost of care is expected to double in 2025.
Meanwhile, 2030 will see a dramatic fourfold increase in LTC costs so you can expect to spend at least $300,000 per annum for a nursing home.
LTC Insurance Benefits
With a comprehensive LTCI policy that meets your health care requirements and budget, you couldn’t care less about inflation and you don’t have to make major adjustments in your lifestyle.
As soon as an event triggers your benefits to start rolling, you can choose to stay home and have a home health aide assist you with the activities of daily living (ADL) or Albert Pujols Womens Jersey , perhaps, opt for a community-based LTC facility such as an assisted living facility.
Statistics show that majority of Americans prefer to receive care in their homes but if their health condition wouldn’t allow this, they would welcome the idea of being placed in an assisted living facility.
LTC insurance is definitely a worthwhile investment but if you are discouraged by the thought of paying high annual premiums, speak with a licensed LTCI agent as he can enlighten you on the many possibilities of securing a low-cost LTCI policy and long term care quotes
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