Roughly 1.4 million people reside in nursing homes today. They receive care in varying degrees, from assistance performing basic functions, such as dressing, to regular medical attention from nurses and therapists. There is a huge cost associated with this type of care, one that can be helped by nursing home insurance.
How Important Is It?
A long-term nursing home care policy is for people who will spend a significant amount of time in a facility, either because of an illness or disability. The cost of staying in such a place for an extended amount of time is significant. It varies by state, but the average annual cost is $70,000 to $100,000. Insurance coverage can reduce your cost to about $2,000 per annum.
What Coverage Do You Need?
The difficult part of purchasing insurance is that you dont know what you will need. One option is a flexible policy. It would allow you to use it for an assisted living facility, for example, or to modify your home so you can stay living in it. The cost of your premiums will depend on your age when you begin the policy and possibly your health status.
The chance of someone in your family needing a nursing facility is quite high, so it is best to prepare early for the possibility. You can reduce the financial strain by purchasing a policy before you develop a medical issue.