Is Long-Term Care Insurance Really Necessary?
As we get older, it is important to think to the future. It is important to take care of ourselves and of those we love. One consideration for the future is where you will be spending your last years. Many Americans spend their last years in nursing homes. However, these stays can cost hundreds of thousands of dollars for each person.
This is most people also need long-term care insurance. However, you may not be like most people. You may be considering the potential of paying for your own stay in a nursing home when the time comes. In this video, you will learn whether you still need long-term care insurance from your insurance agency or not.
The main considerations in your ability to self-insure is income and savings. You can figure that you need about $300,000 for your stay in a nursing home. If your partner will need to stay as well, figure in an extra $300,000. Therefore, you could expect to spend $600,000 in total. This means that you need to have a combined net worth of well over $600,000 to consider self insuring your own long-term care. You will likely want more towards one million to have plenty of buffer room to cover unexpected expenses or longer than average stays.