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Gainesville Florida Estate Planning & Elder Law Blog

Monday, November 9, 2015

Long-Term-Care Insurance

Buying long-term-care insurance can be expensive. However, in the long run, buying this insurance could be saving you thousands when you need it the most. Unfortunately, about one in three people who purchase long-term-care insurance let it lapse; meaning they forfeit their benefits.

Long-term-care insurance is meant to cover the high costs of assisted living facilities, along with other services such as in-home assistance. The cost of these facilities is about $75,000 a year, which could all be covered if insurance for a fraction of the cost is purchased. Statistics show that most of the time, people let their benefits lapse within four years of needing long-term care.

Over the last five years, there has been a decrease in the amount of people who let their benefits lapse. Make sure you keep making payments in order to save your money in the long run.

  


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