Long Term Care Insurance
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Long term care (LTC) insurance is a very important type of insurance policy that you might not know you need.
If you or your loved ones require extended or long-term care, whether it’s at home, in a nursing home, an adult daycare or an assisted living facility, the costs can quickly add up and become overwhelming if you don’t have a plan in place. In fact, statistics reveal that about 70% of Americans end up needing long-term care at some point in their lives.
According to Genworth’s Cost of Care Survey Data from the National Senior Living Cost Index, even a single room in an assisted-living facility costs over $50K per year. And, if you want a private room in a nursing home, you’ll pay more than twice as much, while a semi-private room can still cost almost half of that amount.
With the help of LTC insurance, you can ensure that you have the financial protection you need to cover these costs and alleviate the stress on you and your family.