By John Spacek
How will you pay for long term care? The sad fact is that most people don’t know the answer to that question. But a solution is available, a long Term Care Insurance Policy.
As baby boomers leave their careers behind, long-term care insurance will become very important in their financial strategies. The reasons to get an LTC policy after age 50 are very compelling.
Your premium payments buy you access to a large pool of money which can be used to pay for long term care costs. By paying for LTC out of that pool of money, you can preserve your retirement savings and income.
The cost of assisted living or nursing home care alone could motivate you to pay the premiums. Genworth Financial conducts a respected annual Cost of Care Survey to gauge the price of long term care in the U.S. Here is a summary of the 2013 survey’s key findings:
In 2013, the median annual cost of a private room in a nursing home was $83,950 or $230 per day — up 3.6 percent from 2012. In the past five years, the cost has risen about 4.5 percent annually. READ MORE