| Copyright (c) 2006 Clay Cotton | | | | |
| | | | Well, at room rates of $300.00 per day, if |
| Clearly, you don't want to dwell on an image | | | | care costs inflate at least 5% annually, then |
| of you or your spouse in a wheel chair or | | | | 10 years from now, the average, Alzheimer's, |
| nursing home, but if you don't plan ahead now | | | | long term care stay in a private room could |
| for such eventualities, you could end up with | | | | cost a family over $1,400,000.00+ |
| a crippling financial burden that can strip a | | | | |
| family of it's entire nest egg. | | | | Do you want your family to pay THAT out of |
| | | | savings? I don't think so, and long term |
| Funding for eventual long term care must be | | | | care insurance is clearly the only sensible |
| planned for far in advance, and long term | | | | answer, but is long term care insurance too |
| care insurance seems to be the tool of | | | | expensive? |
| choice. The alternatives really suck by | | | | |
| comparison, so it's time to get going to put | | | | Long term care insurance can cost from under |
| your plan in place while you still can. | | | | $100/mo. to over $1000/month, so sure, at |
| | | | first insurance can seem expensive, yet |
| Fact is, there is nearly a 50% chance that | | | | consider this: |
| during retirement, due to medical conditions | | | | |
| or extended longevity, a person will | | | | At 5% annual compounded inflation, in 10 |
| eventually end up requiring 24-hour skilled | | | | years, actual real-life care costs could |
| nursing care in a long term care facility. | | | | mount to well over anything you might ever |
| | | | put into long term care insurance. Just do |
| Another astounding fact is that more than 40% | | | | the math. |
| of nursing home residents are under age 65. | | | | |
| In truth, at age 57, due to advanced Multiple | | | | The annual long term care insurance premium |
| Sclerosis, I myself would be in a care home | | | | investment is often less than the actual cost |
| if my wife would let me out of her sight. | | | | of just ONE MONTH in a care situation. |
| | | | |
| And now let's look at the average length of | | | | NOTE: Recent industry articles indicate that |
| facility care plus the projected costs for | | | | long term care insurance is such a valuable |
| that care | | | | planning tool that financial advisors may |
| | | | face legal action if they neglect to at least |
| Long Term Care - It's Leading Causes & | | | | recommend consideration of coverage. (Trusts |
| Average Lengths of Nursing Home Stays ( from | | | | & Estates Magazine) |
| Financial Planning News ): | | | | |
| | | | Long term care insurance may make good |
| Alzheimer's: 96 months | | | | financial sense for you and yours, and the |
| | | | early bird gets the worm, because the lowest |
| Diabetes: 48 months | | | | long term care insurance prices are locked in |
| | | | at the younger ages and are designed to |
| Pulmonary: 36 months | | | | remain level thereafter. |
| | | | |
| Cancer: 36 months | | | | In any case, each policy is designed to |
| | | | custom fit your circumstances, so you have to |
| Stroke: 21 months | | | | work with a trained long term care insurance |
| | | | specialist in order to create the optimal |
| Cardiac:16 months | | | | coverage plan. You'll want a multi-company |
| | | | broker who can compare companies and policies |
| What happens if you don't have long term care | | | | to find the best long term care insurance |
| insurance, but you do need this long term | | | | plan for your unique situation. |
| care? | | | | |