About 70% of people over age 65 will experience some form of impairment that results in the need for long-term care at some point in their life and it is not cheap. The Genworth 2014 Cost of Care Survey found that the annual median rate for a private room in a nursing home in Colorado costs $91,980 per year. A home health aide in Colorado costs $22 per hour, or $50,336 annually. What a hit!
Long-Term Care Insurance is your answer. It will get you the high quality care you need while providing you and your loved ones with a peace of mind in the occurrence of a disabling event. According to the LIMRA and LIFE Foundation 2013 Insurance Barometer Study, 51% of Americans say they need long term care insurance, but only 14% actually own it. A good time to consider purchasing long-term care insurance is between your 40s and your 50s when you are in good health and premiums are more affordable. Often times, the insurance company will base its price on your personal health history and/or a medical exam.
The following video produced by the Insurance Information Institute provides a good overview on perceptions and facts about long-term care insurance.
Have questions about buying a Long-Term Care policy? Here at ALINK Insurance Services we can provide you with flexibility and options. We will shop around for the best policy and customize a plan to include the benefits and features that will work best for your needs and your budget. Give us a call today!