Why Long Term Care Insurance
What are the consequences you might face if you don’t make Long Term Care Insurance?
The first and very important consequence would be meeting the incredibly high costs. This may be overwhelming for many of you. Pure custodial care or the type that most people in nursing homes require is not covered by Medicare or any other insurance policies.
The approximate cost of availing nursing home services is an excess of $120,000. The average cost of an assisted living facility can become half of that amount. Again, home health care can be really expensive given the in-home hours needed. If you have proper long-term care insurance, then you can cover all of these including in-home care.
Given the duration of long-term care and the high expenses, one must ideally have a coverage that takes care of all. For a better understanding of the plan and a more focused idea visit http://www.longtermcareexpert.com/. Another site for your reference besides this is http://www.insureyourcare.com/
How much does Long Term Care Insurance cost?
How much you have to spend for long-term care depends on the type of care that you choose. It also depends on your location, the state you stay in. For instance in Montgomery, Alabama the average hourly cost of home care ranges from $14 per hour to $24 per hour in Hartford, Connecticut.
Nursing home care varies from $115 per day in Shreveport, Louisiana to $340 in New York City for a semi-private room. Nursing home care, however, is not as preferable as home care. But this can still be quite expensive. In an average, the cost of a five-hour visit by a home health aide is calculated to be $95 that amounts to $24,000 annually. Naturally the costs are going to rise when round-the-clock-care is needed. To calculate the cost in your area visit www.ltcfeds.com and use the LTCI Tools.