by guest Roy Whited
Only you can decide if Long Term Care insurance is right for you. Your decision should depend on your personal health and wealth. Do your homework. Get a realistic idea of what you need and how much you can afford to pay. Make sure you can pay the premiums and still have enough money for basic needs such as housing, food, medicines, etc. Ask a trusted friend or relative to join you when analyzing your needs with a qualified insurance professional who can review the policy to see what you may have missed. Shop around, long-term care policies can have big differences in price and benefits.
What does Long Term Care Cost* in Ohio?
| Care Provided | Annual Cost |
| Nursing Home, Private Room | $67,058 |
| Nursing Home, Semi-Private Room | $60,251 |
| Assisted Living, Private One-Bedroom | $29,738 |
| At Home, with a Licenced Medicare-certified Home Health Aide – 50 hours/week | $51,714 |
| At Home, with Homemaker Services – 50 hours/week | $44,122 |
How long are you likely to need it?
The average stay in a nursing home is 2.5 years. The average length of time for informal or custodial care in the home is 4.3 years.
When does Long Term Care Insurance make sense?
If your total financial assets are at least $75,000, not including your home or your car
If you will have annual retirement income of at least $25,000 to $35,000 for an individual of $35,000 to $50,000 for a couple
If you are able to pay premiums without financial difficulty. While premiums are designed to remain level based on your age at the time you buy, think about whether you would be able to afford premiums if there should be an increase in the future and;
If one of your major financial goals is to leave an inheritance to your children, grandchildren or other heirs.
Some people buy long-term care insurance for reasons other than to protect income or assets. They also buy for peace of mind, greater independence, greater ability to receive care at home, and greater choice of care options.
Remember if you can’t afford long-term care insurance, or for health reasons you can’t qualify for the insurance, consult an experience elderlaw attorney who can tell you about other options to pay for long term care and to preserve your wealth.
Sources: the Ohio Department of Insurance
“Own Your Future Planning Kit for Long Term Care: 2007 Cost of Care Survey”, Genworth Financial, March 2007
