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