Many seniors look at long-term care insurance as a safety net that can help them avoid financial catastrophe. Consider that the average cost of a year of nursing home care exceeded $85,000 in 2011, according to a survey conducted by the MetLife Mature Market Institute. With the average nursing home resident requiring care for 2.4 years, a single stay at a nursing home could cost over $200,000. These are sobering long term care statistics for anyone serious about financial stability in their old age.
In a number of states, nursing home and assisting living facilities are supported by state Medicaid payments, which are funded by transfers from the federal government. However, proposed changes in government funding procedures may mean that some states will receive less money from the federal level to pay for necessary Medicaid services. The end result could be that many states will cut back on the level of health care services they provide. Or, states may ask patients to reach deeper into their own pockets to pay for a greater share of their health care expenses.
Just pick up and newspaper and you can't help but notice that the government has a huge deficit and will seek to cut spending from the most costly places. And one of those places is health care for seniors. Realism should have you abort any expectation of long term care government benefits.
The unpredictability of long term care government benefits, and the likelihood that more of your personal health care expenses will be paid for from your own resources, provide another reason to consider long-term care insurance for your future financial wellbeing. Long-term care insurance can cover nursing home expenses, assisted living expenses, and in-home health care costs that government benefits may not cover. Moreover, long-term care insurance can help you preserve your wealth by providing additional funds needed to pay for a long-term health care assistance or an extended stay in a nursing home.
If you have not considered long-term care insurance for your overall financial security, now may be a good time to do so. There are a number of different long-term care insurance options available for your consideration. Return the enclosed reply coupon to request a no-obligation proposal.