 Long Term Care – Is
It Right For You?
In New Jersey a lot
of fuss has been made about popular long term care insurance. With
climbing premiums, sometimes tight-fisted payouts, and more and more
insurers closing shop, is long term care insurance really right for
you?
It’s true that the United States is severely lacking affordable
care for the elderly. It seems as though Medicare is limiting its
coverage with every
passing day and medical expenses are growing faster than ever. The most costly
care comes in the final stages of life when assistance in the activities of
daily living (eating, walking, bathing, toileting) is needed. The
average cost of a
nursing home in New Jersey is nearly $150 per day!
In order to combat the high cost of nursing homes
and professional in-home care insurance companies developed what
is called a “long term care insurance plan.” These plans
seek to indemnify the cost of your care if you are ever confined
to a nursing home or need professional care at home. Truth be told,
without this insurance you are looking at paying between $30,000-80,000
per year for a nursing home. NEXT-->
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