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How much will long-term care insurance cost?How much will long-term care insurance cost? In an economy that’s less than stable, this question is probably the most important one you have. Unfortunately, it’s the hardest one to answer. The cost depends on many factors. The younger you are when you purchase your policy, the less expensive your monthly premium will be. Just remember – you’ll be paying this premium for a longer time. You may also pay less if you purchase your policy through your employer or another group. The best thing you can do is get quotes from many different sources and then make the choice that’s the most economical for you. It’s important to know, however, that insurance will probably be a great deal less expensive than nursing home care. The average cost of one year in a nursing home is about $50,000. No matter which option you choose, it’s important that you educate yourself about all of your options. You can check with the Health Insurance Association of America (www.hiaa.org) and the United Seniors Health Council (www.unitedseniorshealth.org) for more information and ask to receive an in-depth guide on long-term care insurance. Disclaimer: The information provided in this site is not legal advice, but general information on financial issues commonly encountered. We shall not be liable for any errors in the content or for any actions taken in reliance thereon. Please consult your financial advisor. |