Long Term Care Insurance costs are exploding.
About half of all American's are expected to need some sort of Long Term Care assistance
The cost of a private room in a nursing home is expected to cost upwards of $ 90,000 per year in a few years. Can you afford that? Most of us cannot.
Most people who need long term care and are without LTC insurance coverage end up in bankruptcy.
You might ask – doesn't Medicare or Medicaid cover me?
Medicare offers limited help. If you rely upon Medicare and end up needing Long Term Care, you will probably end up being very disappointed. Read up on Medicare and what it covers.
Plus also ask yourself this question – the government has its hands full figuring out how to pay for social security and the flood of baby boomers who are now beginning to retire. Can they afford to pay for everyone's long term care needs too?
What happens if the government ends up paying for your long term care? For one, you lose all rights to say how and where you are cared for. If the government is paying, they have the say. Not you or your family, for the most part.
So what about Medicaid? Again, it's the government paying for you.
Medicaid kicks in after you have spent all your own money and are broke. Not a great alternative.
The best solution is to purchase an Arizona Long Term Care Insurance plan. With your own plan, you have control – or your family does. Plus, you do not have to spend all your assets and savings first.
Like other insurance, long term care insurance has a waiting period before it kicks in – often 60 or 90 days. You need enough savings to cover that timeframe. But after the waiting period the policy will being paying benefits.
With long term care insurance you can avoid going broke paying for your own care.
Most people have visions of giving most of their money to family – leaving an inheritance. Without long term care insurance you just might be jeopardizing those plans. Think about that.
You can visit Gary's life and long term care insurance website at: http://www.phoenix-life-insurance.com