Nursing Home Care Insurance: Protection For The Late Years

Nursing home care insurance, also called long-term-care insurance, covers some or all of the expenses the policyholder incurs if he or she enters into a nursing home. Even if you are young and healthy, purchasing nursing home care insurance is a very smart way to financially protect yourself and your loved ones for the future.

The Cost of Nursing Home Care

Depending on where you live, a patient’s stay in a nursing home can cost up to $100,000 for a single year. What if you or a loved one needed to stay in a nursing home for years and years? How would you pay for it? This is why nursing home care insurance is so important. If you or your parents are around age 50, it is time to consider this type of insurance. The longer you wait (the older you get), the more expensive your premium will be.

The Cost of Insurance

The cost of nursing home care insurance depends on your health, your age, and your location. Generally speaking, the average premium is around $3,500 per year. This sounds like a lot of money, but when you consider that nursing home care costs up to $100,000 per year, it is a smart investment (if you can afford it). Typical health insurance does not cover the cost of nursing home care.

People Use It

Amazingly, one out of every two people who purchase nursing home care insurance end up using it. That is a staggering statistic when you consider that only 1 out of every 250 drivers ever use their car insurance.

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