In another lifetime, I was a licensed insurance agent – would you have ever guessed that about me? It was a short-lived period in my life, but I learned a lot in that time period. One thing that I learned and took to heart was about long-term care insurance.
As my grandparents grow older, it has really been something that has been on my mind. My grandparents are fortunate to have their children living nearby who can care for them, but that isn’t always the case for every family.
And in not all situations will you be able to care for your loved one at home. In some instances, a care facility will be necessary. Do you know how much long-term care facilities cost?
The national average median cost of one year in a private nursing home room is $74,208 according to the Genworth Financial Cost of Care Survey, which was conducted by CareScout in April 2009! I don’t know about you, but I don’t have an extra $74K lying around to spend each year. And this was a 2009 survey, so I’m sure the average has gone up!
Medicare isn’t likely to cover you for long-term care, so this is where long-term care insurance coverage comes in. Genworth Financial offers services to help you decide if long-term care insurance is right for your family – whether you’re looking for yourself, your parent or another relative.
This isn’t a subject that’s fun for anyone to broach, but it’s a reality of life. We’ll all grow older eventually. It’s best to be prepared ahead of time so you can enjoy every stage of your life to the fullest!
Image courtesy of Ambro / FreeDigitalPhotos.net