Long-Term Care Insurance – To Buy Or Not to Buy
When purchasing long-term care insurance, you are thinking that you're going to need some type of long-term care. If you purchased a policy when you are 55 years old at $1872.00 year, in thirty years you would spend $58,032 by the time you're 85. If you are in need of care or a nursing home, you've made a wise investment. The cost today for one year in a nursing home is over $75,000. So, you have already broken even. If you are fortunate to never require any long-term care, the money goes by the wayside with all the other insurances you've paid for and never used. You can check out http://www.lavineltcins.com/tacoma-long-term-care-insurance-agent/ if you are interested in life insurance policies.
The reason people buy such insurance is to protect their financial assets, so they can leave something to their children instead of having it all go to pay for nursing home costs as well as staying in control and choosing where and how they received care. In addition, they are adverse to becoming burdens to their children.
The purchase of long-term care insurance depends on the person's financial situation. If they have little or no savings, a long-term care insurance doesn't make sense. Like many others, that person would probably rely on Medicaid. To qualify for Medicaid, you need to have no more than $2000 in assets.
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