HOW MUCH DOES NURSING HOME INSURANCE COST?
This is a guest post written by the owner of HowMuchIsIt.org,a website that is designed to help you find the cost of just about anything.
You might ask, how much do you really need to spend for nursing home insurance? Will you be able to afford it? What are the terms and conditions you need to consider?
Of course, we have to prepare for old age. Or sometimes, we have aging parents or relatives who need our help. Life is unpredictable after alland we cannot really say that we can remain as financially stable as we are now10 to 20 years from now.
The average costs of nursing home insurance:
Today, the average cost of a nursing home facility is around $70,000-$100,000 every year. Computed daily, these costs around $192 per day.The amount of course varies depending on the area.
Nursing home care insurance is actually a type of healthcare insurance which includes nursing home, skilled nursing, assisted living facility, custodial care, or in-home care costs for persons who are 65 years old and above. Usually, Medicare, disability insurance, and traditional medical insurance plans do not include other kinds of long term care.
If a person qualifies for long term care, he or she will be arecipient of a benefit which ranges from $100-$500 daily. This would depend ofcourse on the type of coverage chosen. As long as the person is able to pay the insurance premium, the coverage is guaranteed. Long term care insurance can really help people. If you don’t have one, you will be obliged to pay for the nursing home and other expenses which can be really very expensive.
This type of insurance would cost $1,000-$3,000 a year in long term care premiums for a 65 year old person. Though expensive, it is more affordable compared to the $70,000-$100,000 annual cost of long term care. However, the earlier a person pays for the insurance premiums, the less expensive it is. Of course, there are a lot of factors to be considered such as coverage, inflation protection, benefits, etc. Today, new government policies and tax benefits are being crafted to help long term care insurance more affordable to people.
So if you want to prepare for your future or your loved ones’ welfare, it’s best to start early. The cost may be a bit expensive but you are guaranteed to get the value worth your money.