Long term care planning is an important part of life for our New York readers, as well as those in other parts of the United States. Even though you may be young and healthy now, you have to consider what could happen down the road.
Those who do not have a long term care plan should begin to consider the benefits of creating one at the present time. Over the past decade, the cost of care in a nursing home or similar facility has greatly increased. Along with this, the hourly rate for home nursing care has gone through the roof as well.
According to data from New York Life Insurance Co., the average annual cost for nursing home care in the U.S. has increased by 20 percent over the past five years. Along with this, the cost of residency at an assisted living facility has increased 24 percent.
Long term care insurance is a big part of any long term care plan. Despite the fact that the cost of coverage has gone up over the years, things have leveled off as of late. By shopping smartly, it is possible for a consumer to get the right level of coverage at an affordable cost.
Even though long term care planning can be a long and stressful process, those with the right approach can complete the process in a timely manner. It is important to shop smart for long term care insurance, ensuring that the right policy is purchased without spending more than you have to.
Source: Voice of the Valley, “Shop smart for long-term care” Jennie L. Phipps, Apr. 08, 2014