Why long term care insurance??? If you can afford to pay for Long Term Care Insurance you should probably have it. On the other hand, if you have less than $30,000 in assets as a single person, $80,000 in assets if you are married, then LTC might not be a necessity and very well maybe a budget -buster.
The average cost of a month's stay in a full-time Nursing Facility can range between $3,000 and $10,000. If you have a home health aide come to your home just three days a week, the costs can be more than $20,000 a year. In some areas of the country these costs can be much higher.
These exorbitant costs can quickly deplete your life savings and assets. Medicare does not cover long term nursing facility or home health assistance. You must spend down your savings and assets to qualify for Medicaid, which will help cover your LTC expenses.
LTC insurance is about more than protecting your money and assets, it also provides you with piece of mind. You can rest assured that you and your family can get the best care available, and that you will not be a financial burden on them.
Aarow Financial Group is your source for Life, Long Term Care & Disability Insurance Planning in NC.
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