By Michael Leanza, CFP®
Many people will face decisions regarding long-term care for an elderly loved one at some point in their life. Long-term care is sustained care in a hospital, nursing facility or the equivalent care delivered at home. This care meets the needs of people when they can no longer care for themselves due to significant physical or mental impairment. Below are a few statistics regarding long-term care:
Relying on Medicare to cover these costs may not be the best option since it only covers the first 100 days’ expenses in a skilled care facility. Private health-insurance is not an option either, as most policies exclude coverage for long-term care. Without long-term care benefits, the cost of these services could fall on your personal resources.
Long-term care insurance isn’t right for everyone, so if you’d like to know what your options are for coverage speak to your financial advisor who will be able to acquire quotes for you from multiple carriers.
Genworth Financial Claims Data, December 2009