As the population in the United States continues to age and as the baby boomers retire, more and more people are starting to think about how they will manage the cost of long-term care in the event it becomes necessary. It is estimated that about 33% of people over 65 will need long-term care at some point in their life, and if you are a woman, that figure is much higher. At Harmony Insurance in Braselton, GA, we are here to help you address your concerns and make sure that you have choices when it comes to choosing long-term care insurance.
The reality is you can’t predict 20 years in advance if you will need long-term care when you are 80. Like many types of insurance, long-term care insurance is less expensive when you are young and healthy. However, the chances of you needing it before age 60 are pretty slim. Long-term care costs have skyrocketed, and yearly costs for a nursing home are hovering around $100,000 a year. There are not many people who have the finances to survive many years of long-term care.
The reason many people don’t invest in long-term care insurance is the cost of the coverage. Opting to wait until you need long-term care is a mistake, and waiting until you are ill may disqualify you from being able to purchase the insurance. It is a Catch 22, and it explains why just 8% of those over 65 have opted to have this type of insurance. This is an important decision and one you should not make alone. Bring the family with you to talk to your trusted independent insurance agent to see the options available.
If you have questions about long-term care insurance Harmony Insurance in Braselton, GA is here to help you get exactly what you need.