Is Long Term Care right for me? I can tell you from experience LTC can make a huge difference. I used to offer LTC to the clients I spoke to to make sure I covered all their needs, but I felt it was a lot of money to spend and didn't mention it again if they weren't interested. Rand estimates that 56% of middle-aged Americans will spend time in a nursing home. And, I now know first hand what a difference it can make.
As I wrote about in my last blog, My grandmother (soon to be 90 years old) has spent a 1 year in and out of hospitals and nursing homes. She has an LTC policy that her and my grandfather purchased early on in their retirement and it paid off in spades! She still had to make a lump sum payment (about $20k) to the nursing home, but with out the LTC plan her retirement funds would have been severely depleted by the nursing home.
On the other side of the spectrum is my grandmother's cousins. This lovely couple, who I had grown up with at family functions and holiday parties had a series of unfortunate events that required them both to be hospitalized. They had to pay out over $160,000 to a nursing home. I don't know the particulars of their case, but I believe it accounted for a large chunk of there retirement savings.
It's important to note that, all nursing homes are not created equal, and it's just as important to carefully examine your options and select the right one for your loved ones. Some nursing homes are more diligent when looking into funding your stay, and the level of care they provide also needs to be taken into account.
Much like nursing homes there are a wide variety of LTC policies to choose from. Selecting the right Long Term Care policy can be confusing. Contact 1st Cannon to simplify LTC for you. Also, I've included a couple of links below to articles that may help you decide if LTC is right for you.
More than half the middle-aged population to spend time in a nursing home, new RAND study shows. That's higher than earlier estimates.
40 Must-Know Statistics About Long-Term Care