Do you know there are several alternatives to long-term care insurance?
Your need for long-term care is unknown. But what’s certain is that you do need a plan for funding it, just in case. Now, here’s a question that may come to your mind, and rightly so: “Is long-term care insurance worth it?” Fortunately, there are several alternatives to long-term care!
According to the US Department of Health and Human Services, around 70% of people who turn 65 will need some sort of long-term care in their lifetime, but few are prepared to pay for that care.
That’s because the costs of long-term care are excessively high, ranging, on average, from $50,000 to $103,000 a year. Moreover, Medicare doesn’t cover these costs.
Most people are “pretty much in denial” about long-term care planning, points out public accountant and financial planner Larry Weiss. He also says that generally, the only people interested in this kind of healthcare service have had to take care of their parents.
According to him, most clients aren’t aware that they will need long-term care and only know that long-term care insurance is too expensive.
So, to pay for it or not to pay for it? Luckily, there are some great alternatives to long-term care insurance! Check this out!