Long Term Care Insurance in New Jersey
The Benefits of a Long Term Care Insurance Policy
Most Americans will need long-term care, including a surprising 40 percent under the age of 65. Without proper planning, including the purchase of a long-term care insurance policy, these costs will devastate you and your family. Yet most people do not prepare or plan for an event that will strike over 75 percent of people over the age of 70. Typically, people over 70 will declare bankruptcy when the long-term care exceeds six months. It’s not surprising with the average cost of nursing home care exceeding $100,000.00 and the length of stay in a nursing home averaging three years.
There are 3 primary ways to pay for long term care, Medicaid, private pay and purchasing a Long-Term Care Insurance policy. The policy must be taken out before you get sick. It may not be as expensive as you think. Your cost is based on three factors: age, health and coverage (i.e. amount per day, length of payout, and rider(s) such as inflation factors).
Contact us today about the benefits of purchasing long-term care insurance policy and how it may factor into your estate planning. I assure you will not remember how much the premiums costs, but instead you will recall how much the policy saved you and your family.