The talk of growing old together can be a romantic thought. Spending a lifetime with someone you love is wonderful.
But as the years progress, there will likely be a need for long-term care for one or both partners - whether it is acute skilled nursing care or just assistance with basic daily living activities such as bathing and getting dressed.
Today’s costs for care have skyrocketed, with the average annual cost for a private room in a nursing home standing at nearly $78,000 in 2011.
This expense can deplete a large chunk of retirement assets, taking with it the peace of mind and security that many couples save for all their lives. It’s a real problem, considering the likelihood that more than 40% of those over 65 will need care at some point in their lives.
What many people don’t realize is that government programs like Medicare and Medicaid were not designed to pay for the ongoing cost of long-term care. Both programs require that people meet very strict health and/or financial criteria to even qualify for coverage - and the benefits that are received may be limited, at best.
However, there is a solution available for covering some or all of the high cost of long-term care. Long-term-care insurance, once available to pay only for services that were received in a skilled nursing facility, now pays for care received in the recipient’s home as well.
In fact, in some respects, having a long-term-care insurance policy could even allow individuals to stay home for longer periods of time.
Today, there are many benefit options to choose from with long-term-care insurance policies. But prior to choosing a plan, it is important to have a good idea of an applicant’s income, savings and other expenses as well as age and current health status.
In addition, some policies even allow discounts on premiums for married couples that apply for coverage at the same time. All of these factors combined will help in determining which type of policy will be most suitable.