Long term care is a type of insurance that is often overlooked. However, this insurance can make a dramatic difference if you ever need long term care. A few statistics to consider:
A need for long term care does not just cost money out of pocket; it also leads to a reduction in household income.
A policy costs far less than savings.
Most people will need this sort of care, but few have prepared for that.
Costs of this magnitude can quickly drain an individual’s savings.
Someone who put an amount equivalent to the cost of a long term care premium into savings every month for 22 years would save enough for six months of care. Someone who put the same cost into premiums would have coverage that could pay for over three years of long term care.
Is long term care coverage missing from your plan from the future? It is not too late to correct this. By finding a policy to defray the costs of long term care, you can ensure that you and your loved ones are able to get the best care possible without compromising your financial security. Get in touch to learn more today.
Note: If you like this post be sure to check out our 5 Must-Know Statistics for 2018.