Long term care insurance is something that many people could benefit from and it is definitely worth looking into. If you ever need long term care, it is a monstrous expense. It is an expense so large that in fact, many big name insurance companies have actually stopped providing it. Two out of ten adults will need long term care in a nursing home or other type of facility at some point in their lives and this on average costs between $6,000 and $10,000 PER MONTH!!
Because this expense is so huge, the government will force you to liquidate any and all assets you have before they will step in with any assistance. So any money in the bank, house, car or item of value, will have to go before Medicare or Medicaid will help to cover. How sad would it be to work your entire life, then get sick and all that you have worked for go to pay for long term care? Nothing left behind to your heirs. I definitely do not want my money spent that way if I can avoid it.
Jenn and I decided when we build our new house, to add in a “mother-in-law” type suite so that in the case that one of our parents fell ill, we could provide for them to prevent them from going into a nursing home. We even have large hallways that could accommodate a wheelchair if necessary.
If you think that this burden would be too much for your family to bear, you should look into long term care insurance.
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