Saving You Money For Life

Despite what many people believe, Medicare and health insurance will not provide financial assistance for long-term care services. Actually, many health insurance providers will only cover the cost of doctor’s visits and hospital bills. But if you develop a chronic medical condition or are unable to care for yourself, you’ll most likely need long-term care services, such as full-time nursing home care or in-home nursing care. Unfortunately, these services are quite expensive. According to the LIFE Foundation, full-time nursing home care averages $69,000 to $78,000 per year or 8 hours per day of home health care can cost $43,000 to $70,000 annually.

So if you think you’ll need long-term care services in the future, you should definitely consider it today. Why? Because 1.) If you have a family history of chronic medical condition and/or disabilities, you may be affected too, and 2.) The cost of long-term care services are so expensive that they can eat up your entire life’s savings if you’re not prepared.

But keep in mind that long-term care insurance is also about peace of mind. It delivers the same amount of financial protection for your family as term life insurance.

How? Because without it, your family may have to pay for your long-term care services if you don’t have enough money saved. With it, you can be sure that you’ll have access to the best care when you need it, without any financial hassles.

The LIFE Foundation suggests that there’s about a 70 percent chance you’ll need some type of long-term care after age 65. And long-term care services are not just for older people. A young or middle-aged person who has been in an accident or suffers from a debilitating illness may very well require long-term care services. In fact, 40 percent of patients receiving long-term care are under age 65.

The next time you discuss your future financial plan with your family, be sure to talk about long-term care insurance. There are many websites that compare long-term care insurance quotes with some of the best carriers. Talk to your financial planner about your options.

And, if you’re interested in the best term life insurance, be sure to contact AccuQuote today for free life insurance quotes.

Tags: Disability Insurance

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