E. Insurance protects elderly persons and their arrangements for living. make for nursing home residents. This could go as high at $100,000 annually when you have to cover the cost of a stay in a nursing facility. When you consider that an average stay in a nursing facility is 2 1/2 years, this adds up to $250,000 in total for each patient. The cost can be astronomical, as you can see. In order to get the best value long-term-care insurance, many customers go to an insurance agent. If you’re able to reduce your costs then you will be more inclined to get an insurance policy on your own and not take out this plan. Is this the best choice for you? This video will provide all the information you need to know.
In this episode of the Ramsey Show A caller asks about if long-term care insurance is right for him. Net worth at present amounts to about 1.1million. So, he’d still have around $500,000 in wealth if they and their spouse are spending the typical amount of days in a nursing facility. He has enough money to be self-insured, if the need arises.