Many baby boomers are facing the decision of whether or not to buy long term care insurance. Unfortunately, most choose not to purchase coverage leaving their assets at risk of being wiped out if long term care should be necessary. While the odds of requiring long term care services are significant – more than 70% of Americans over the age of 65 will need long term care services at some point in their lives – most seniors are under the mistaken impression that they will never need it.
A. The Danger of Denial
At over $8000.00 per month for nursing home care, approximately $3500.00 to $4000.00 per month for an assisted living or $20.00 per hour for in-home care, few seniors can afford the cost of long term care services for an extended period of time. With Medicaid generally providing coverage only for nursing home care after a person’s assets are spent down, it is a risky strategy for seniors to live in denial that long term care services will not be needed. More