According to the aptly-named Longtermcareinsurance.org:
“The average Ancient Greek lived until age 18. The median life span of a Puritan was 33. The average American life expectancy is now about 75 years for men, 84 for women.”
Long-term care is one of those things we consider a “nice to have,” not a “need to have”… if we’ve even heard of it at all. Very different from health insurance, long-term care refers to a type of insurance you can buy that will take care of you in the event of a long-term personal calamity that leaves you disabled and unable to take care of yourself financially. It’s also a great buffer against the inevitable financial strain of aging. It’s a supplement to health insurance, Medicare, and Medicaid that assures you will not be left to fend for yourself if something happens to leave you disabled or chronically ill.
Long-term care insurance can pay for a caregiver, companion, therapist, or nurse in the event that you are left unable to take care of yourself.
The trick to affordable long-term care is to secure it early. The younger you are when you begin investing in this insurance, the less you will pay monthly—and the good news is that once you land a monthly rate, it will never go up as long as you make consistent monthly payments. Policies are guaranteed renewable for life.
This handy Long-Term Care Calculator will help you calculate the potential cost of long-term care in your area.