As they age, many people are concerned about becoming a burden on their children or other family members. This concern is merited, as about 44 million Americans provide some 37 billion hours of unpaid care each year to adult family members and friends with chronic illnesses, the Family Caregiver Alliance says.
Why are so many pressed into the service of loved ones? It’s due to failure to plan and to properly fund a strategy of care for the future. According to Genworth, the median annual cost of in-home care and assisted living facilities in 2019 was about $50,000. For nursing homes, it was between $90,000 and $100,000 per year. If funds are not available to pay for such services, and if a long-term care insurance policy is not in place, aging people turn to relatives for care. Investing in LTC insurance will help you protect your savings and investments by paying for care that Medicare and other insurance will not provide.
Depending upon your family history and current health, the right time to invest in long-term care insurance is typically between ages 50 and 65.
You can be declined coverage, and like most insurance products, premiums are higher when you are older. That argues for enrolling in LTC at a younger age. Talk to a financial planner and an MDA Insurance representative to understand more about LTC insurance and the best time to buy it. Call 877-906-9924 or visit mdapograms.com for more information.