Did you know that neither your health insurance nor Medicare will pay for extended long term care services? If you develop a chronic illness or become disabled you may require assistance to care for yourself for an extended period of time. These services can be costly. The median cost for a home-health aide 8 hours a day is $50K per year, while care in a nursing facility can cost upwards of $100 K per year.
Statistics indicate that there is a 70% chance you will need some type of long term care after the age of 65. Do you have enough in savings or retirement to cover these costs without depleting them?
Long term care insurance is designed to help you alleviate the financial burden of a long term care need.