More Long-Term Care Insurance Questions Asked & Answered
Q. Would I be better off saving on my own to pay for long-term care services?
Not everyone is able to save enough money to cover the high cost of long-term care. Without coverage, paying for long-term care can quickly deplete even sizable savings. Being able to set aside $500,000 may not be enough. Conditions like Parkinson’s or Alzheimer’s can last 10 years at the cost of $100,000 or more per year.
Q: How long is the current average long-term care claim?
Historical data shows that, on average, Long-Term Care recipients spent 3.4 years needing assistance. About one percent required long-term care for more than 10 years.