This coverage is certainly a case where “something is better than nothing” but you want to be wise with your premium dollars. Our LTCi specialists will help you design a plan to fit your needs. This is not one size fits all! Here are some tips for you to consider:
1. The average skilled care cost today is about $6,000 per month for 45 months. Non-skilled care runs about $3,000 to $5,000 per month.
2. This cost is expected to increase at 3% to 5% per year for the next 30 years.
3. Will you have liabilities paid down and more disposable income to fill in any gap in coverage?
4. Do you take care of yourself? Have you committed to lose weight, exercise more and quit vices? This is terrific for your health (and your family) but you are contributing to the likelihood of having an extended care need. A Harvard School of Public Health study revealed a direct positive correlation between longevity and LTC. 20% over 50 years of age and 70% of those over 65 will need LTCi.
5. Talk to your family, your CPA, your financial advisor (if you have one) and most importantly – your LTCi Plans representative.
Take a look at our Cost of Care
page to consider how much coverage might be enough for you.