Genworth Financial Long Term Care

Long-term care insurance, in my experience, is one of the least talked about problems with seniors and retirees. Many are not aware of the importance of long-term care coverage. Most of us think that the worst will never happen to us. In a perfect world that would be fair, but the fact is that none of us knows what awaits us in our future. In some cases, seniors 65 and over will need some form of assisted living. You may be wondering what is long term care insurance. the long-term care insurance is insurance that pays for chronic diseases, such as physical or mental disability, treated at another institution in an acute care hospital. This type of coverage is offered primarily by financial services or insurance companies in general. Each company has different coverage limits and plans that meet the individual needs of the policyholder. However, in this particular article, I will tell you exactly how the mistake of not having long-term care coverage can be expensive.

Take a look at these alarming facts below.

-Over 40% of seniors who turn 65 will spend some time in a nursing home

-Nearly 60% of all Americans will need long term care at some point

-17% Persons in nursing homes remain more than five years.

-Average annual cost of a private room in nursing
home is $ 74,806,

- A soldier from a dorm room-service is
$ 32,573,

- Average hourly rate for home help licensed health
$ 24.47 per hour or $ 52,977 per year.

(Genworth 2007 Cost of Care Survey)
("Long Term Forecast Care Crisis", Best Review, April 1999)

With these statistics, it is easy to see how most or all of pension assets can be completely eliminated because of these expenses. Hundreds of thousands may be passed to a nursing care facility or other long-term costs of care. Setting long-term care insurance will help to prevent depletion of your income or estate. Unfortunately, most, wait until they are unhealthy or suffering from a serious illness. Accordingly, the premiums are expensive or they are unable to receive any coverage at all. Add money to your heirs or your family may be seriously compromised because of your expenses you have to account. There are several companies that can provide you with a policy of long-term care. It is important to look within yourself the protection of these unexpected expenses. After all, making one small decision can have an impact on the LARGEST how you spend the rest of your life during retirement.