Long-term care insurance is one of those things that no one wants to pay for until they need it. If you have ever known of someone that has needed care, then you know just how costly it can be. The average cost of assisted living in Minnesota is $45,600, and nursing home care is $87, 965 for a private room. In cases of Alzheimer’s and dementia the costs can be far north of that. Depending on the assets you have it is possible that you may be self-insured, but most are not in the position to afford those costs.
Additionally, state assistance only becomes available after the required spend-down of your assets for your care. Often this leaves loved ones destitute or results in a level of care that is less than what you want and deserve. Even if you can afford it, maybe you do not want to because you are interested in creating a legacy for your loved ones. Either way, coverage helps preserve your assets for what is most important to you.
Coverage is attainable in a variety of ways:
- Purchase of a standard long-term care policy.
- Conversion of a cash value life insurance into a policy with a long-term care rider.
- Conversion of an annuity into a long-term care annuity.
Every situation is different. If long-term care coverage is something you have been thinking about, email us or give us a call to discuss. We have the experience to create a plan that works for you.