How Much Long Term Care Insurance Do You Need?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaIt’s difficult to quantify the amount of Long Term Care Insurance you’ll need without knowing the geriatric health and longevity history in your family. Those who can afford to purchase the maximum benefits with a cost of living or inflation riders generally do so. There is no question that the odds of the general public living longer is a certainty and that sometime in your retirement you’re going to need assisted living at home or nursing home care. Full coverage for a non-smoking 60 year old couple in good health on the same long term care contract is about $300 a month in premium. If the average senior couple spends $250,000 in medical and extended care bills, then is that worth it?Answered on June 16, 2013+11+1 this answer
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1305 POINTSview profileNeil SteinmanOwner, Orange County Health & Life Insurance,Without having a crystal ball, it's impossible to know how much of any type of insurance you should have.Obviously, the more, the better. With Long Term Care, you buy a total pool of money and you pick the maximum amount PER DAY that will be paid from the pool of money. So again, the larger that pool is, the better. There are lots of statistics out there, but the main thing is that it must be affordable so you keep it over the long haul. A good average figure might be in the $200,000 range (pool of money) and $200/day. That amount would cover many situations including an average nursing home. However, most claims occur in YOUR home since most people want to stay in their home. So if the above is unaffordable, buy as much as you can. You may only need $80 for home health care. Something is always better than nothing - and this is especially true with Long Term Care.Answered on June 16, 2013flag this answer
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