Long-Term Care Insurance
Why do people buy long term care insurance?
Some people have had a first-hand experience with a loved one who needed long term care. They know the financial and emotional stresses that accompany the situation. Others want to protect their assets against the high costs of long term care; to preserve their children’s inheritance, to make long term care services affordable, such as home health care and custodial care, or to provide themselves with more options than just nursing home care.
Long term care insurance also gives you the peace of mind, knowing you can cover the cost of long term care in the event you need it in the future. A long term care plan also protects your family from having to be caregivers. Plus it enables you to choose where you’ll receive any care needed in later years.
- 7 out of 10 people will require long-term care in their lifetime
- National median assisted living cost for a semi-private room was $7,908 per month in 2021.
Genworth Cost of Care Survey, 2021.