Anyone who has had a friend or relative in an assisted living facility or nursing home knows how expensive it can be. An assisted living facility usually costs between $3,500 and $5,500 per month. Nursing homes cost between $8,000 and $10,000 per month. Wow! That’s real money and it goes fast!
You also probably know that health care is one of the fasting growing costs so that in 10 or 20 years it will easily be over $15,000 per month! For most people, this will take all they have saved plus their house! Each year over 1,000,000 seniors literally go bankrupt because they cannot afford to pay for their long term care health expenses. It is collectively a greater tragedy than hurricane Katrina, the Midwest floods and the California forest fires put together. Yet it does not get the press those other tragedies get.
Long term care insurance is health insurance, pure and simple. For most people, health insurance is a must and many are lucky enough to have their employer pay some or all of the costs until they retire or reach age 65. Then what? Choose to have NO long term care insurance just when you need it the most? Would you drop your house insurance when you turn 65? Of course not. Why, then, would you take the biggest risk of your life when you have the greatest chance of losing?
At Bill McCarthy and Associates we help our clients find creative ways to be able to afford long term care insurance. Give us a call at 330-656-5580 to see how we can help you.