Long-term care can be extremely expensive – costing up to $70,000 per year, according to the U.S. Department of Health and Human Services.
It’s also not covered by Medicare or most health insurance policies.
For this reason, as Suzanna de Baca points out, a long-term care insurance policy may be worth investing in if you want to keep on living in your home into your 80s or 90s.
Getting it while you’re young and relatively healthy can buy you affordable coverage – and a lot of peace of mind to boot.
Benefits typically range from $50 to $500 per day and lifetime policies are available, but coverage of two, three and five years is more usual.
Policies cover or help pay for a range of services, from in-home health care, to a nursing home stay and adult day-care, depending on how much coverage you want and can afford.
They are certainly expensive – a policy taken when in your 40s might carry an annual premium of around $5,000 – while one taken out in your 50s could cost up to 50% more.
But as premiums rise the closer you get to retirement age, this is something you might want to look at sooner rather than later, especially if you’ve have had signs that there’s a risk of deteriorating health somewhere on your horizon.
It always pays to make sure you’re cared for in old age.