According to a study commissioned by Genworth Insurance and Financial services, more than 70 percent of Americans over the age of 65 will need long term care at some point in their lifetime. If an individual’s health challenges result in the inability to bathe, eat, toilet, transfer or dress themselves independently, or if bladder control and mobility become difficult, long term assistance is often needed. While many elderly prefer to live at home, sometimes help from a nursing home and/or rehabilitation center is necessary.
Make no mistake–costs for these services can be staggering, with the national median rate for a private room in a nursing home at $230 per day (or $83,950 annually). Most government-funded programs (like Medicare) will pay a maximum of 100 days in a nursing home.
Long term care insurance can help with the high (and rising) costs of care. The benefits of long term care insurance is that the cost of skilled care (whether received at a nursing home or not) can be met by insurance for as long as needed. Remember, too, that long term care isn’t just for the elderly; a bad car accident or disabling work injury can result in the need for care.
ISU Wissink Insurance has assisted California residents and business owners since 1953 with a wide range of products, including long term care insurance. To learn more or to receive a quote, contact them today!