As a senior or a senior caregiver, you have learned that Medicare does not pay for long-term care needs in a nursing facility nor in the home.
The costs of care can easily be $80,000 per year in a nursing home and full-time senior care services in the home can be from $35,000 to $73,000 per year, depending on if you have hourly care or 24-hour live-in care.
One of the best ways to manage these costs is to purchase a long-term care insurance policy. Long-term care insurance can be purchased piece-meal, to meet your budget needs. Over time, it is more economical to pay a few thousand dollars a year for a long-term care insurance policy rather than to have your assets drained by paying for the expenses out-of-pocket.
If you work for a corporation, find out if purchasing a long-term care insurance policy is an additional employee benefit which is offered. Many state government employees and university employees are offered this benefit.
You can also read answers to popular long-term care insurance questions by Caregiverslist's long-term care insurance expert, Chris Lynch.