What is Long-Term Care Insurance?
Long-Term Care Insurance steps in if you develop a health condition that requires you to receive care and/or supervision. This could mean home health care, nursing home care or personal or adult day care. There is a 70% chance individuals over age 65 will need some sort of long-term care.
What is the Average Cost of Long-Term Care?
While the cost of long-term care varies by facility and where you live, it’s safe to say the cost is considerable. Long-term care costs range from $19,240 per year for adult day care to $154,896 per year for a private room in a nursing home. This kind of expense can quickly deplete your nest egg, which is why long-term care insurance is such an important coverage to consider. Many people are surprised to learn long-term care coverage costs less than they imagined. You may even be able to deduct the cost of long-term care premiums from your state and federal taxes.
Discount Association Members
Association members can expect to recieve a long-term care insurance plan with a 5% premium discount. This discount can also be applied to a spouse who is applying for long-term care.
