Is Long-Term Care Insurance a Good Investment?

Article submitted by Richard Eberhardt of LLQ Consulting.
For more information, he can be reached at 239-997-9997.

If you do, you may not need Long Term Care Insurance. For a mere $50,000 per year you can pay for your own long term care. However, it you don't have the extra funds you may want to do some planning before it's too late.

One senior described it as follows: "This Long Term Care policy is for my kids"! It is telling them not to worry about putting mom in a nursing home or if she needs in-home care, that is covered as well.

I won't need Nursing Home Insurance
There is a misconception that Long Term Care Insurance is strictly for nursing home care. Many people "balk" at purchasing nursing home insurance. The simple truth is Long Term Care Insurance covers almost every aspect of long-term care needs. Almost all policies cover in-home health care, assisted living, respite care and nursing home facility care. Most people will use the benefits of the In- Home Care before anything else. The cost for in home skilled nursing is approximately $1,800 per month. The cost of care in a nursing home facility is approximately $50,000 per year.

Is Long Term Care Insurance a good investment? You decide for yourself
My father purchased Long Term Care Insurance at age 65. His premium was $122.50 per month. At the age of 74 he received in home skilled nursing care for 6 months and then was in a nursing home facility for 14 months. He had invested $13,230.00 in his long-term care premiums. His cost for in home care would have been approximately $10,800 and the cost of his nursing home stay would have been close to $75,000. His long-term care insurance paid for almost every penny of his long term care. Was Long Term Care Insurance a good investment for him? You bet it was!

Whatever a senior's financial situation is, Long Term Care Insurance could be the most beneficial way to leverage your assets as well as protect them. Also it may not be as expensive as you think. If you are a healthy 65 year old, you can purchase Long Term Care Insurance for as little as $80.00 per month.

There are many options available to help seniors today. They are designed specifically to help seniors stay in their own home longer. It is a well known fact that you feel better and recuperate faster when you can stay in your own home environment.

One of the newest options for seniors is the Reverse Mortgage. The funds (lump sum or lifetime income) from a Reverse Mortgage can help pay for long-term care insurance, or in-home care or both. These funds would allow you to stay in your home longer as well as leaving assets to your heirs. The Reverse Mortgage is available to senior homeowners 62 years or older. Check with a Reverse Mortgage Advisor to see how this may benefit you.