Long-Term Care Insurance
It’s time to dig out those receipts for last year’s charitable contributions.
Long-term care insurance covers nursing home care and maybe home care for those individuals who cannot perform the activities of daily living.
Long term care insurance covers nursing home care and maybe home care for those individuals who cannot perform the activities of daily living.
More than likely, at some point in your life you will need long-term care…but is insurance necessary?
Finding the insurance policies is going to be the just the first step.
Long term care is simply defined as the care needed for individuals with chronic disabilities, this care may now be in the individual’s home or it may mean custodial care in a nursing home.
According to Genworth Financial’s 2011 Long Term Care survey, the national average annual cost of a semi-private room in a nursing home is $70,000, with it costing over $117,000 here in Massachusetts and in Alaska; the same room goes for $222,000.
Finding the insurance policies is the just the first step.
Talking with your adult kids about your money, or lack of it, is not an easy conversation to have.