Most of us know at least one relative, friend or neighbor who has fallen victim to a prolonged physical illness, disability, or cognitive impairment such as Alzheimer’s or Parkinson’s disease. The cost of this type of long-term care has become exorbitant.
In 2001, the national average cost of nursing home care was $56,000 per year. Assisted living facilities reported charging an average fee of $22,476 per year, including rent and other fees. Part-time basic home care costs average $12,000 to $16,000 a year. Studies show it is highly likely that the Medicare, Medicare supplemental and health insurance you receive from work will not pay for long-term care.*
That’s why more and more responsible individuals are exploring the benefits of Long-Term Care insurance policies, which cover everything from nursing home care, home health care, personal care in your home, hospice care and more. In this day and age, these policies have become invaluable. Each individual policy differs from one company to the next, making it very important that you fully understand the policy, purchase what you need (and only what you need), and compare outlines of coverage. Let the Gregorys Insurance Agency help secure comparable coverage for you!
*A Shopper’s Guide to Long-Term Care Insurance, National Association of Insurance Commissioners.
