The Reality of Long-Term Care Insurance

The Reality of Long-Term Care Insurance, financial burden of long-term health care

The Reality of Long-Term Care Insurance

Are you prepared to handle the financial burden of long-term health care?

When it comes down to it, very few people are prepared to handle the financial burden of long-term health care.  Whether people believe that their existing health insurance will cover it, or whether they assume that they will never need it, many people have a false sense of security.  Here’s the truth about long-term care and why you need insurance.

Most Health Plans Will Not Cover Long-Term Care

While many people believe that long-term care is included in their health insurance, most health insurance policies, including Medicare and “Medigap,” are not intended to cover long-term, ongoing care.  For instance, a very small portion of your Medicare coverage can even be used to cover nursing home care or other long-term care facilities.

You Will Likely Need Long-Term Care

While many people might feel assured that they will never require long-term care, studies have shown that 70% of people will need long-term care services and support at some point in their lives.  Even if you are healthy and take good care of your body, sometimes unpredictable accidents can leave you in need of long-term care.  Instead of simply assuming that you will get lucky, it’s much better to have some provision in place.

Long-Term Care Is Expensive

Many people assure themselves that they will be able to afford long-term care should they need it.  However, it’s important to realize just how much long-term care costs.  To provide some insight, a year in a nursing home will cost an average of $92,000.  Depending on your location, a year in nursing home can even cost over $110,000.  Seeing as the average stay in a nursing home is about 835 days, few are actually prepared to handle the costs associated with long-term care.

Once you see the reality of long-term care laid out before you, you can recognize the importance of investing in long-term care insurance.  Interested in learning more about long-term care insurance and how it can help you handle the financial burden of long-term health care?  Then contact the professionals at Remland Insurance in Orange, California.  Our dedicated team is ready to assist you with your coverage needs.